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MMi Daily Iron Ore Index Report for April 30 2020

SMM data showed that iron ore stocks across 35 Chinese ports totalled 105.25 million mt as of April 30, down 2.35 million mt from a week ago and 20.15 million mt lower than a year ago. Daily average deliveries from the 35 ports increased due to mills pre-holiday restocking. Physical port stock inched up 5-10yuan/mt. Some mills replenished their individual product requirements but total transactions declined over yesterday. Although some mills are still likely to have post-holiday demand, iron arrivals are expected to increase during the holiday so we are likely to see a narrow trading band once the holiday ends.

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