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MMi Daily Iron Ore Index Report December 14 2021

DCE iron ore futures market falling trends,an decrease of 0.61% throughout the day; the main contract closed 650.5. The spot quotation in the morning almost kept steady. some traders were active to sell, Some steel mills tended to be wait-and-see.total transactions was good. PBF at Shandong port dealt 715-725 yuan/mt, decreased 0-5 yuan/mt over yesterday; SSF at Shandong port dealt 460-465, decreased 5-10 yuan/mt over yesterday; PBF at Tangshan port dealt 720 yuan/mt; decreased 0-10 yuan/mt over yesterday. According to data tracked by SMM, 61 ships arrived at domestic main ports in December 6 – 12. Arrivals of cargoes are estimated to stand at 9.19 million mt, down 0.71 million mt from the previous week and down 5.46 million mt year on year.Shipments that departed Australian ports were estimated to decrease 2.67 million mt week on week to 17.6 million mt, up 3.14 million mt on the year. And that from Brazilian ports decreased 1.53 million mt to 3.82 million mt on a weekly basis, down 3.47 million mt on the year. The total arrivals of imported ore dropped slightly from the prior week, and the combined shipments from Australia and Brazil also decreased significantly. The Central Economic Working Conference concluded recently, signalling bullish macro news, which boosted market sentiment. Meanwhile, some steel mills in Tangshan have been advanced to Category C from Category D, indicating that the production restrictions may ease. The port inventory also grew at a slower pace. Hence, iron ore has gained support from multiple facets, but demand for iron ore remains weak, so the prices are likely to move in the near term.

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Source: Metals Market Index (MMi)

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