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MMi Daily Iron Ore Index Report February 02 2023

DCE iron ore futures declined by 3.33 % today, the main contract closed 841.5.The traders’ willingness to ship is more. The steel mills are active to purchase .The overall trading sentiment of the market is better.PBF at Shandong port deal 857-880 yuan/mt, decrease 2-33 yuan/ mt.PBF at Tangshan port deal 860-880 yuan/mt,decrease 2-25 yuan /mt. According to the inventory data of ten ports tracked by SMM, the total inventory of ten ports this week increased by 3.6% to 92.45 million tons compared with the previous year. In terms of varieties, the stocks of fine powder, coarse powder, lump ore and pellet have accumulated slightly. During the Spring Festival, steel mills did not actively dredge the port by preparing goods in advance, and the weak demand in the downstream of the industrial chain dragged down the ore price. However, the pattern of weak iron ore supply and strong demand remained unchanged, and the ore price remained volatile in the short term.

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Source: Metals Market Index (MMi)

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