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MMi Daily Iron Ore Index Report December 10 2019

Morning trade had concluded prices for PBF in Shandong and Tangshan at 680yuan/mt and 683yuan/mt. Traders offered were unlikely to concede on price, some held stock expecting higher prices. Mill demand cooled and likely to be constrained. The constant cuts due to pollution warnings has dampened enthusiasm. SMM estimates that 84 vessels carrying 12.61 million mt of iron ore arrived at major Chines e ports during December 1-7, falling 3.47 million mt from the week ended November 30. The slump came after three consecutive weeks of increase. China’s top steelmaking city Tangshan, however, saw greater arrivals at ports last week. During December 1 -7, iron ore deliveries leaving Australian ports rose 1.66 million mt from the prior week to 14.98 million mt, but the proportion of shipments to China declined on the week. Shipments that departed Brazilian ports were estimated to fall for the third straight week by 1.36 million mt, to stand at 5 million mt. The combined shipments of iron ore from Australian and Brazilian ports are expected to grow next week.

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Source: Metals Market Index (MMi)

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