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MMi Daily Iron Ore Index Report December 01 2022

DCE iron ore futures declined by 0.07% today, the main contract closed 766.5. The traders’ willingness to ship is less . The steel mills are wait and see. The overall trading sentiment of the market is general. PBF at Shandong port dealt 756-761 yuan/mt,decrease 5-10 yuan/mt; PBF at Tangshan port dealt 770-775 yuan/mt. According to the inventory data of the top ten ports tracked by SMM, the total inventory of the top ten ports fell 1.1% month on month to 91.06 million tons this week. In terms of varieties, the inventory of fine powder and lump ore has declined significantly, and the reduction of lump ore inventory is more prominent due to the recent reduction of lump ore arrival. Fundamental- ly speaking, the current winter storage has been opened, and the enthusiasm of steel mills for production may be difficult to decline, supporting the demand for iron ore. In the short term, the iron ore price fluctuates mainly.

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Source: Metals Market Index (MMi)

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