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MMi Daily Iron Ore Index Report June 20 2019

Vale announced that it is getting the permission to resume its 20 million mt wet processing operation at Brucutu within 72 hours while Rio Tinto revised its iron ore production guidance down by around 13 million mt. The Chinese DCE iron ore futures market continued to hit new multi-year highs, reaching 837yuan/mt. Port stock quotes reaching higher as PB Fines in Tangshan was heard trading at 855yuan/mt, up 20yuan/mt over yesterday. Some traders are still reluctant to sell and expect higher prices, while mills continued to buy in small parcels, behaving cautiously in this volatile market.

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Source: Metals Market Index (MMi)

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