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MMi Daily Iron Ore Index Report February 14 2020

SMM data showed that iron ore stocks across 35 Chinese ports totalled 114.55 million mt as of February 14, down 1.81 million mt from a week ago and 12.55 million mt lower than a year ago. Cargo unloading efficiency remained low amid the epidemic while arrivals declined for three consecutive weeks, accounting for the decline. Stocks in Tangshan and Shandong fell more sharply than other regions. Daily average deliveries from the 35 ports increased 17,000 mt from a week ago to 2.57 million mt this week. Transport by truck did not recover in many regions, preventing deliveries from ports from increasing significantly. Deliveries from ports are likely to remain low next week as more steel mills will undertake maintenance or cut output and restock only as needed. Increasing finished product inventories at steel mills weighed on steel prices and eroded profits.

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Source: Metals Market Index (MMi)

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