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MMi Daily Iron Ore Index Report March 02 2020

DCE iron ore futures, SGX swaps ripped higher and physical seaborne and port iron ore prices bounced. Total physical transactions rose as the markets improved. Tangshan announced a comprehensive action plan for the control of pollution from Feb 29 to March 31, 2020. This means that sintering, pellet production and blast furnaces which are classified as level C will cut production around 50%. Therefore, mill demand for iron ore in the second half of March is expected to decline. Meanwhile, according to SMM, current mill gross margins for rebar and HRC are around 200yuan/mt. Mills under maintenance programmes keep growing, especially under the rising pressure of increasing steel product inventories. Mill demand for iron ore may calm down in the future.

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Source: Metals Market Index (MMi)

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