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MMi Daily Iron Ore Index Report August 28 2019

Despite falling morning offers on the physical port stock market, traders were relatively active. Despite the number of transactions falling, mills and traders seemed happy to meet the offers in the market. There is some current preference for seaborne products due to its recent sharp falls. It is believed that mills will gradually regain profitability in September as more and more mills carry inventory of around 90USD/mt. Tangshan’s production cuts in September are expected to be lower than expected and thus iron ore demand is expected to grow.

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Source: Metals Market Index (MMi)

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