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MMi Daily Iron Ore Index Report January 07 2022

DCE iron ore futures tight by 1.41%,the main contract closed 719. The spot quotation in the morning almost kept steady. Some traders
were active to sell, steel mills purchased on demand. today’s overall market transaction atmosphere in general. PBF at Shandong port dealt 815-828 yuan/mt, the same as yesterday; SSF at Shandong port dealt 515 yuan/mt, the same as yesterday; Stocks at 35 ports tracked by SMM totalled 151.81 million tonnes, down slightly by 260,000 tonnes month-on-week. In addition, the average daily port opening volume increased by 30,000 tons to 2.87 million tons, which led to a decrease in the port stock of imported ore. Considering that some steel mills after the completion of last year’s output reduction target, coupled with the replenishment plan before the Spring Festival, the recent port spot procurement enthusiasm significantly increased, next week’s average daily port volume is expected to continue to increase, thus driving port inventory is expected to continue to decline. Iron ore supply pressure slightly eased, give some support to the price of iron ore, iron ore prices are expected to continue to be strong shock.

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Source: Metals Market Index (MMi)

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