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MMi Daily Iron Ore Index Report February 07 2023

DCE iron ore futures fall today,the main contract I2305 closed 840.5an decrease of 0.65% throughout the day; Some traders adopt separate quotations,steel mills purchased on demand. Market wait-and-see sentiment increased. total transactions remained insipid. PBF at Shandong port dealt 850-865 yuan/mt; the same as yesterday ; PBF at Tangshan port dealt 857 yuan/mt; the same as yesterday; decreased 3 yuan/mt over yesterday. In the short term, the supply and demand of iron ore has changed little. The price drive is mainly driven by steels. At present, the demand for steel is still in the off-season, and the downstream demand is slowly recovering. However, the stock of steel mills is not high, and the production pressure of steel mills is not high. However, the profit is still below the break-even line, and the willingness to purchase iron ore is weak. It is expected that iron ore will still operate in a weak and volatile manner tomorrow.

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Source: Metals Market Index (MMi)

 

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