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MMi Daily Iron Ore Index Report August 17 2022

DCE iron ore was was shocked and keep downward all the day.The main contract closed at 684,decreased of 4.34 %. Traders are no more motivated to ship. Steel mills are mainly on the sidelines, and market turnover continues to pick up.PBF at Shandong port dealt 745-752 yuan/ mt,decrease 10-20yuan/mt than yesterday. BF at Tangshan dealt 745-765 yuan/mt,decrease 5-25 yuan/mt than yesterday. According to SMM statistics, the average daily molten iron output of sample steel plants in China increased by 39600 tons this week, and the demand recovered slightly. However, according to the macro data, the downstream demand is poor, and the subsequent impetus to the overall production enthusiasm of the steel plant is weak. However, at present, the supply side is relatively loose and the inventory is high. The impact of macro stimulus is relatively lagging. It is expected that the iron ore price will fluctuate in the short term.

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Source: Metals Market Index (MMi)

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