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MMi Daily Iron Ore Index Report January 15 2019

Demand for low-grade products such as SSF and FMG Blended Fines has surged, pushing the 58% port stock index to new highs. The current price spread between PB Fines and SSF has narrowed to 170yuan/mt from 194uan /mt a week ago with the spread between PB Fines and FMG Blended Fines narrowing in a commiserate fashion. In- creased demand together with the a decreasing supply of low grade products prices will keep prices elevated. According to SMM, the inventories of SSF and FMG Blended Fines at the end of last week at China’s six major ports dropped by 1.09 million and 4.04 respectively million mt when compared to early January. Seaborne prices reverse course following a slew of trades today, though sentiment is hopeful that prices will remain stable.

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Source: Metals Market Index (MMi)

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