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MMi Daily Iron Ore Index Report February 26 2019

Physical iron ore port stock quotes continue to ease and concluded transaction have picked up. According to SMM, some mills have cut their purchasing requirements despite some early post-holiday buying activity. For the moment, mill say that future buying will depend on steel profitability and hence they are focusing on improving their downstream business. SMM also states that some mills have increased low grade iron ore ratios in the furce as margins have been squeezed. One mill in East China say their current net profit have dropped to around 200- 300yuan/mt, and that it may even be lower in North China.

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Source: Metals Market Index (MMi)

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