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MMi Daily Iron Ore Index Report January 17 2022

DCE iron ore futures market falling trends, the main contract closed 705, an decrease of 2.35% throughout the day; the quotation in the morning was decreased by 10-25 yuan/mt from last Friday. Some steel mills tended to be wait-and-see, and purchasing enthusiasm is not high. total transactions remained insipid. PBF at Shandong port dealt 805 yuan/mt, decreased 25-30 yuan/mt from last Friday; SSF at Shandong port dealt 508 -510 yuan/mt, decreased 10-12 yuan/mt from last Friday. PBF at Jiangnei port dealt 835-840 yuan/mt. SMM analysis, approaching the Spring Festival holiday, steel before the replenishment gradually completed,Port turnover tends to decline;but port inventory continues to be high, Iron ore supply strong demand weak pattern unchanged. In addition, as the raw material end of iron ore and coke prices continue to rise, steel mills profit contraction, the suppression of ore prices. In addition, Tianjin and Anyang, Henan province were affected by the epidemic, and production and transportation were restricted. Iron ore prices in the short term or will be weak operation.

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Source: Metals Market Index (MMi)

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