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MMi Daily Iron Ore Index Report June 01 2022

DCE iron ore futures opened with shock upward. the main contract closed 905.5,increased of 1.12%. Traders quotation is still stronger, and

Some steel mills purchased take a wait-and-see attitude. Today’s port spot trading with weak market transaction atmosphere. PBF at Shandong port dealt 970-980 yuan/mt, decreased 0-5 yuan/mt over yesterday;SSF at Shandong port dealt 880, decreased 20 yuan/mt over yesterday;PBF at Tangshan port dealt 970-980 yuan/mt; decreased 0-5yuan/mt over yesterday. On June 1, Shanghai was unblocked, and the epidemic situation in Beijing and other regions was basically relieved. The market mentality was strong. However, seasonal factors such as high temperature and rainstorm in June will have an impact on demand. Under the circumstances of poor profit and high inventory of the steel plant, it is difficult for the steel plant to improve its production enthusiasm. It still focuses on replenishing the stock on demand to suppress the rise of iron ore price. It is expected that the ore price will fluctuate in the short term.

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Source: Metals Market Index (MMi)

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