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MMi Daily Iron Ore Index Report June 02 2022

DCE iron ore futures opened with weak operation. The main contract closed 935.5,increased of 3.37%. Traders quotation is still stronger, and Some steel mills purchased take a wait-and-see attitude. Today’s port spot trading with good transaction atmosphere. PBF at Shandong port dealt 980-995 yuan/mt, increased 10-15 yuan/mt over yesterday;SSF at Shandong port dealt 790-805, increased 5 yuan/mt over yesterday;PBF at Tangshan port dealt 983-985 yuan/mt; increased 10-15yuan/mt over yesterday. At present, the epidemic situation has been basically controlled, and the demand in East China and North China has begun to recover. Under the national policy of stabilizing the economy and steady growth, the downstream demand is expected to be improved, and the steel plant still maintains a high opening rate, driving the demand for iron ore to rise slightly. Since late April, the superimposed steel plant has maintained low inventory due to poor profits, and there is still room for replenishment in the future. However, considering that the arrival volume at the port still increased in June, the speed of stock removal at the port will obviously slow down at that time. The policy of superimposing crude steel to reduce output and other policies still suppress the ore price, and it is expected that the high iron ore price will fluctuate in the short term.

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Source: Metals Market Index (MMi)

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