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MMi Daily Iron Ore Index Report August 12 2021

DCE iron ore futures continued to decrease throughout the day, the spot iron ore quotations has decreased by 15-20yuan/mt over yesterday. Some steel mills continued to buy while others aren’t willing to buy more mainly because that, they think the iron ore price would like to continue to be low in the following days. For traders, majority of them keep a pessimistic mind on the continuous decreasing iron ore price; and they are more willing to sell in order to maintain the profits’ space. PBF at Shandong port dealt 1140-1150yuan/mt, PBF at Tangshan port dealt 1150yuan/mt, down by 15-20yuan/mt over yesterday. Under the circumstances of recent production restrictions in China, rising steel price will be possible to support ore iron’s price, to some extent. However, with recent increasing imported spot iron ore at domestic ports, and expected increasing iron ore port stocks, which still restrain the iron ore price to rise further.

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Source: Metals Market Index (MMi)

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