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MMi Daily Iron Ore Index Report for May 6 2020

A tale of two sessions as physical iron ore port stock quotes rose around 5yuan/mt in the morning and some inched down slightly over those before the holiday in the afternoon. Mill restocking demand was low despite in-plant inventory being consumed some during the holiday. Some mills in North China may have restocking demand in the next few days due to their relatively low inventory levels. Iron ore demand may rise slightly given the expected increase in blast furnace operating rates, which will help prop up iron ore prices. However, in consideration of the recent increase in iron ore supply from Australia and Brazil, iron ore prices in May likely to face considerable pressure.

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Source: Metals Market Index (MMi)


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