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MMi Daily Iron Ore Index Report July 15 2022

DCE iron ore was was shocked and go downward all the day.The main contract closed at 645,decreased of 10.04%. Traders are motivated to ship, steel mills are mainly on the sidelines, and there are more transactions in the market. SSF at Shandong port dealt 580-585yuan/ mt;decrease 70-75 yuan/mt than yesterday; PBF at Tangshan port dealt 715-720 yuan/mt,decrease 45-65 yuan/mt than yesterday; SSF at Tangshan port dealt 606 yuan/mt. As of July 15, the 35 port inventories tracked by SMM totaled 126.08 million tonnes, a significant increase of
3.91 million tonnes from the previous week and a decrease of 2.61 million tonnes from the same period last year, with port inventories rising for three consecutive periods. The average daily port volume of imported mines in this period fell by 242,000 tons to 2.557 million tons on a weekly basis, far below the average volume of port clearance in the past two months. Recently, the scope of maintenance of steel mills has been expanded, and it is difficult to recover demand. The follow-up market has a certain risk release space, and it is expected that the short- term ore price will be widely oscillated.

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Source: Metals Market Index (MMi)

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