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MMi Daily Iron Ore Index Report June 07 2021

DCE iron ore futures market continued declining tendency early this morning, some traders successively adjusted down their quotations in the physical port stock market. SMM’s data showed steel inventory destocking last week slowed down, and steel prices are taking increasing pressures to drop, which ties down iron ore prices as well. Besides, China imported iron ore of 89.79 million mt in May, with YoY growth of 3.17%, but according to SMM, based on iron ore price of 210USD/mt, steel mills’ profits decreased again, which put off steel mills purchasing enthusiasm. Steel mills in East China told SMM, they recently turn to more domestic concentrates procurements given the higher cost performance. Some domestic mines delayed their planned maintenance as their concentrates demands from steel mills increased. PBF was closed at 1405yuan/mt in Shandong market, dropped by 15-25yuan/mt with trimmed transactions in the port stock market.

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Source: Metals Market Index (MMi)

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