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MMi Daily Iron Ore Index Report July 03 2019

Traders were more willing to trade this afternoon, despite a rising futures market indicating a bullish market. Mill quotes, especially those in the Tangshan market, were relatively uncertain due to the current production cuts. According to SMM, although the current production cut policy seemed to be weaker than compared to the announcements in June, the majority if the mills slewed closely to their limits, and hence demand slowed. SMM estimates that iron ore demand in Tangshan will be reduced by around 6.16 million mt in July, down by 460,000 mt from the original cuts. Iron ore prices in North China may continue to be bullish due to supply tightness.

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Source: Metals Market Index (MMi)

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