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MMi Daily Iron Ore Index Report July 12 2019

As of July 12, iron ore stocks across 35 Chinese ports shrank 1.41 million mt from a week ago and 34.88 million mt from a year ago, and stood at 104.4 million mt, SMM statistics showed. Daily average deliveries from the 35 ports increased 88,000 mt from a week ago and 79,600 mt from a year ago, and stood at 2.65 million mt last week. Output controls drove most steel mills in Tangshan to restock only as needed, and this kept daily average deliveries from Caofeidian port and Jingtang port stable around 250,000 mt. Higher arrivals may grow stocks across these two ports next week. Deliveries from major ports along the Yangtze River inched up last week as improved profits incentivized some steel mills to raise operating rates of blast furnaces. Tight supplies across some ports along the Yangtze River eased after more non-mainstream ore arrived.

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Source: Metals Market Index (MMi)

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