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MMi Daily Iron Ore Index Report July 31 2019

Traders increased their physical quotes by 5-10 yuan/mt this morning with a number of trades concluded in the afternoon. Though the DCE futures market fell off in the afternoon, some traders held their quotes firm given the tight supply of mainstream products. Mill purchasing appetite remained tepid. According to SMM, current Australian iron ore mainstream products inventory including PB Fines, Newman Fines, MAC Fines and JMBF from domestic six major ports fell on June, so some traders were to be reluctant to sell those products at lower price levels. As mills in Tangshan will gradually resume their production, their demand for iron ore is expected to help support iron ore prices in the short-term.

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Source: Metals Market Index (MMi)

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