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MMi Daily Iron Ore Index Report February 25 2022

DCE iron ore futures market rose by 3.13%. the main contract closed 680.5. the quotation in the morning was decreased by 10 yuan/mt over yesterday. but as the disk continues to decline, the quotation decreased by 5-10 yuan/mt agine. Some traders refused to sell goods easily. Steel mills wait-and-see sentiment. today’s overall market transaction atmosphere in general. PBF at Shandong port dealt 851-865 yuan/mt; decreased 0-10 yuan/mt over yesterday.SSF at Shandong port dealt 508-525 yuan/mt, decreased 15-30 yuan/mt over yesterday. PBF at Tangshan port dealt 866 yuan/mt, decreased 4 yuan/mt over yesterday; Stocks at 35 ports tracked by SMM totaled 154.07 million tonnes, down 1.32 million tonnes from the previous week. At the same time, the daily daily port clearance volume of imported ore increased by 632,000 tons to 2.814 million tons. Port inventories fell sharply during the period,On the one hand, it is due to the small decline in the volume of imported ore cargo. In addition, some of the northern steel mills for raw material procurement growth. In view of the relaxation of production restrictions in northern China, the enthusiasm of steel mills in purchasing raw materials is expected to increase, which may drive the port inventory to continue to decline and give strong support to the mine price. It is expected that the mine price may rebound next week.

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Source: Metals Market Index (MMi)

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