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MMi Daily Iron Ore Index Report December 09 2022

DCE iron ore futures rose by 3.6% today, the main contract closed 806. The traders’ willingness to ship is general. The steel mills are general active to purchase.The overall trading sentiment of the market as normal. PBF at Shandong port dealt 820-823 yuan/mt,increase 15-43 yuan/ mt; PBF at Tangshan port dealt 815-835 yuan/mt,increase 15-43 yuan/mt. As of December 9, the inventory of 35 ports tracked by SMM totaled 130.44 million tons, an increase of 1.02 million tons over last week and a decrease of 22.28 million tons over the same period last year. The average daily port dredging volume of imported ore in this period increased by 39000 tons to 2.909 million tons on a weekly basis. This week, driven by the winter storage and replenishment plan of the steel plant, and the small increase in the daily average molten iron output, the port dredging volume rose to a relatively high level. The downstream demand is not good in the current off-season, the enthusiasm of steel plant production is weak, and the output of molten iron may decline. Therefore, the steel plant may have insufficient power to replenish the warehouse in the later period, and the port dredging volume is expected to decline in the later period. Macroscopically, it is good for.

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Source: Metals Market Index (MMi)

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