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MMi Daily Iron Ore Index Report July 07 2022

DCE iron ore was was shocked all the day.The main contract closed at 756.5,increased of 3.91%. Traders are generally motivated to ship, steel mills are mainly on the sidelines, and there are few transactions in the market. PBF at Tangshan port dealt 815-820 yuan/mt; SSF at Tangshan port dealt 687 yuan/mt. Recently, the price difference between low- and medium-grade products has narrowed again, and low-grade flour has lost a certain price/performance ratio. With the recovery of the terminal demand data, the demand for finished products is stimulated to rebound. According to SMM statistics, the inventory of building materials nationwide fell by 13.59% month-on-month, and market confidence has increased. In addition, the reduction of production by steel mills supports the profit of steel price repair, and it is expected that the short- term mine price will fluctuate.

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Source: Metals Market Index (MMi)

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