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MMi Daily Iron Ore Index Report July 01 2022

DCE iron ore was was shocked and continued downward all the day.The main contract closed at 747.5,decreased of 6.85%. Traders are generally motivated to ship, steel mills are mainly on the sidelines, and there are few transactions in the market.PBF at Shandong port dealt 808  -825yuan/mt,decrease 30-47 yuan/mt compare with yesterday. SSF at Shandong port dealt 705 yuan/mt,decrease 20yuan/mt compare with yesterday. PBF at Tangshan port dealt 823-830 yuan/mt,decrease 30-50 yuan/mt. SSF at Tangshan port dealt 705-715 yuan/mt.Rumors of a reduction in Tangshan steel production have spread, and the market sentiment has been poor recently, and iron ore futures have fallen. As of July 1, the 35 port inventories tracked by SMM totaled 12,200 tons, accumulating 650,000 tons from last week, down 3.64 million tons from the same period last year, and the port inventory showed a turning point and accumulated slightly. Iron ore demand continued to weaken, and prices lost some support. Superimposed the recent two phases of Australia and Brazil shipments have increased month-on-month, and the supply side has tended to loosen in the later period. It is expected that the mine price will fluctuate weakly in the short term.

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Source: Metals Market Index (MMi)

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