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MMi Daily Iron Ore Index Report June 28 2022

DCE iron ore was was shocked and continued upward all the day.The main contract closed at 809,increased of 6.31%. Traders are generally motivated to ship, steel mills are mainly on the sidelines, and there are few transactions in the market.PBF at Shandong port dealt 835- 875yuan/mt,increase 5-45 yuan/mt compare with yesterday. PBF at Tangshan port dealt 870 yuan/mt,increase 35 yuan/mt. On the macro side today, the National Development and Reform Commission released news on strengthening infrastructure and expanding investment in manufacturing, and the announcement of superimposed logistics data released a signal of economic improvement, boosted market confidence, and the iron ore disk rose. From a fundamental point of view, SMM tracking data shows that from June 20 to June 26, a total of 71 ships arrived at major ports in my country. During the same period, it decreased by 1.087 million tons. During the period, the outbound port of Macao and Pakistan increased slightly. Although the profits of steel mills have improved, the current demand is still weak, and the port inventory may show an inflection point. It is expected that the mine price will fluctuate in the short term.

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Source: Metals Market Index (MMi)

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