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MMi Daily Iron Ore Index Report December 16 2022

DCE iron ore futures rose by 0.49% today, the main contract closed 821. The traders’ willingness to ship is less.The steel mills are wait and see.The overall trading sentiment of the market is worse. PBF at Shandong port dealt 820 yuan/mt,increase 7 yuan/mt;  PBF at Tangshanport dealt 847 yuan/mt,increase 7-17 yuan/mt. As of December 16, the inventory of 35 ports tracked by SMM totaled 130.63 million tons, an increase of 190000 tons compared with last week, and a decrease of 20.32 million tons compared with the same period last year. The port inventory was accumulated for two consecutive periods. The average daily port dredging volume of imported ore in this period increased by 63000 tons to 2.971 million tons on a weekly basis. First of all, this week’s strong expectations gave the market some confidence. The winter storage and replenishment of steel mills still gave iron ore some support. On this Sunday, the average hot metal output rebounded again, driving the port dredging volume up. And this week, the port dredging volume has reached the highest level in nearly nine phases. At the end of the year, with the production plan of the steel plant reaching the standard, the enthusiasm of subsequent steel plants needs to be verified, and.

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Source: Metals Market Index (MMi)

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