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MMi Daily Iron Ore Index Report February 28 2022

DCE iron ore futures rose largely today. the main contract closed 705.5, an increase of 2.69% throughout the day. the quotation in the morning was increased by 20-30 yuan/mt from last Friday. some traders were negative to sell, steel mills purchased on demand. today’s overall market transaction atmosphere in general. PBF at Shandong port dealt 865-880 yuan/mt; increased 0-15 yuan/mt from last Friday. SSF at Shandong port dealt 540-549 yuan/mt, increased 15-25 yuan/mt from last Friday. PBF at Tangshan port dealt 880-890 yuan/mt, increased 15-25 yuan/mt from last Friday; Recently, conflicts between Russia and Ukraine continue to escalate, and there will shrink the global supply of iron ore; On the other hand, the environmental protection limit in northern China is relaxed, and some blast furnaces have certain purchasing demand after resuming production. Give mine price certain support. However, considering that the relevant departments will carry out linkage supervision on the iron ore spot and futures market in the near future, the mine price is under pressure and the short-term shock operation.

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Source: Metals Market Index (MMi)

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