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MMi Daily Iron Ore Index Report January 18 2022

DEC swings down in the morning , but afternoon bounce, the main contract closed 715. an increase of 1.06% throughout the day. The spot quotation in the morning almost kept steady. steel mills purchased on demand。today’s overall market transaction atmosphere in general。PBF at Shandong port dealt 795-800 yuan/mt, decreased 5-10 yuan/mt over yesterday; SSF at Shandong port dealt 495-510 yuan/mt, decreased 0-5 yuan/mt over yesterday. PBF at Tangshan port dealt 810 yuan/mt. According to data tracked by SMM, 74 ships arrived at domestic main ports in January 10 – January 16. Arrivals of cargoes are estimated to stand at 11.27 million mt, up 200,000 mt from the previous week and down 8.19 million mt year on year. Shipments that departed Australian ports were estimated to increase 0.46 million mt week on week to 17.96 million mt, down 0.71 million mt on the year. And that from Brazilian ports increased 330,000 million mt to 5.22 million mt on a weekly basis, down 0.77 million mt on the year. The total arrivals of imported ore increased slightly from the prior week, and the combined shipments from Australia and Brazil also rose fractionally. Looking into the near future, the iron ore prices are likely to move rangebound under pressures from both the supply and demand side. Some steel mills in Anyang, Henan have been closed due to resurging COVID-19 pandemic, while the restocking of the mills is drawing to an end as the Chinese New Year approaches, resulting in less demand for iron ore. Meanwhile, the port inventory, which is already at a high level, has been rising amid more arrivals at domestic ports as well as rising shipments from overseas ports.

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Source: Metals Market Index (MMi)

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