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MMi Daily Iron Ore Index Report June 17 2019

A rebar lead reversal pressured the iron ore market today, though physical port trades have shown some resilience. Some of the traders in the port stock market dropped their offers about 5 RMB/wt but most held firm. Mills profits continue to shrink. According to SMM, rebar profit margins are now under 300yuan/mt and that for HRC is lower than 130yuan/mt, based on a seaborne iron ore price of $108/mt. The DCE has announced an adjustment of its price limits and minimum trading margin for I 1909 to 8% and 10% effective June 18, 2019, and this may cause additional pressure to iron ore prices. However, benefitting from a decreasing iron ore port inventory, port stock prices may continue around its current high levels.

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Source: Metals Market Index (MMi)

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