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MMi Daily Iron Ore Index Report July 27 2022

DCE iron ore was was shocked sharply all the day.The main contract closed at 744.5,increased of 2.41%. Traders are actively motivated to ship, Speculative demand increases. Steel mills are mainly on the sidelines, and market turnover continues to pick up.PBF at Shandong port dealt 730 -745 yuan/mt;decrease 15 yuan/mt than yesterday. PBF at Tangshan port dealt 735 yuan/mt Recently, affected by external factors, iron ore futures rose rapidly, and the spot price of iron ore rose passively. On the demand side, according to SMM statistics, since July 15, a total of 12 blast furnaces have successfully resumed production, with a resumption increment of 58000 tons / day. However, due to the rise in ore prices, the meager profits of the original steel mills have narrowed or suffered losses, suppressing the demand for raw materials. Under the influence of various factors, it is expected that the ore price will continue to fluctuate.

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Source: Metals Market Index (MMi)

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