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MMi Daily Iron Ore Index Report July 19 2022

DCE iron ore was was shocked and go downward all the day.The main contract closed at 656.5,decreased of 0.98%. 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 675-700 yuan/mt;decrease10-25 yuan/mt than yesterday. China Mineral Resources Group Co., Ltd. was established today to integrate the iron ore import business and improve China’s pricing authority in the iron ore industry. Affected by the news, iron ore futures fell slightly. According to SMM statistics, the amount of molten iron affected by blast furnace overhaul this week (July 16 to July 22) was 1.645 million tons, an increase of 97300 tons from last week’s overhaul. It is estimated that the amount of molten iron affected by the blast furnace overhaul from July 23 to July 29 will be 1476900 tons, a decrease of 127600 tons from this week. In this period, the number of steel mills taking the initiative to reduce production increased, or due to the further expansion of losses, the demand for iron ore in the short term is weak. In the later stage, the supply side is expected to increase, and the recent ore price is expected to be weak and volatile.

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Source: Metals Market Index (MMi)

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