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MMi Daily Iron Ore Index Report March 18 2022

DCE iron ore futures continued to fluctuate by 3.54% in a day. the main contract closed 833.5. the quotation in the morning was increased by 10 yuan/mt over yesterday. some traders quotation is still stronger,steel mills purchased on demand. Today the overall market transaction atmosphere is acceptable. PBF at Shandong port dealt 950- 960 yuan/mt; increased 10-20 yuan/mt over yesterday. SSF at Shandong port dealt 655-660 yuan/mt; increased 20-25 yuan/mt over yesterday. PBF at Tangshan port dealt 980 yuan/mt; increased 20 yuan/mt over yesterday. Stocks at 35 ports tracked by THE SMM totaled 15,007 million tonnes as of March 18, down 3.17 million tonnes from the previous week. On the one hand, the recent import of ore to the port cargo volume is still reduced; In addition, in some parts of northern China, the production limit control of heating season has been eased, and after the Paralympic Games, some steel mills still have expectations for iron ore demand. Recently, the enthusiasm of port spot procurement has been improved, leading to a significant decline in port inventory. With the resumption of blast furnace production continues to increase, iron ore demand is still incremental, giving strong support to ore prices. However, considering the aggravation of the recent COVID-19 epidemic, it may have a great impact on the sales and transportation of steel mills in Shandong and Hebei regions, and in the short term, the price of ore is relatively strong and volatile.

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Source: Metals Market Index (MMi)

 

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