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MMi Daily Iron Ore Index Report December 29 2020

A total of 83 vessels carrying 13.44 million mt of iron ore arrived at major Chinese ports during December 20-26, SMM estimates. This was down 3.36 million mt from the previous week, but up 1.75 million mt from the same period last year. Arrivals at the two ports in Tangshan fell by 11% on the week, while that at the two major ports in Shandong dropped nearly 14%. For the same week, iron ore deliveries leaving Australian ports surged 3.09 million mt on a weekly basis to 19.76 million mt, more than 85% of which was shipped to China. Shipments that departed Brazilian ports were estimated to rise 1.11 million mt week on week to 8.04 million mt. This was 2.66 million mt higher than the same period last year. Market activity eased today as according to SMM, iron ore unloading and deliveries from Lianyungang and Rizhao ports have closed due to a snowstorm. Mills demand was lower today, as the steel product market has weakened further considering the expectation of bearish downstream demand.

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Source: Metals Market Index (MMi)

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