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MMi Daily Iron Ore Index Report March 19 2020

A volatile trading day in iron ore today, physical prices of PB fines in the port stock market fell as low as 640yuan /mt; some traders buying PB fines30-35yuan/mt lower than yesterday. Most traders preferred to hold their quotes firm. The afternoon session saw physical port stock quotes increasing quickly and bid/offer spreads narrowed. Mills inquiries fell away in the afternoon. Some mills in North China say they have finished their weekly procurements in the first half of this week. According to SMM, mills rebar and HRC profit margins increased slightly to 250 -400yuan/mt, based on an iron ore price of 90.75USD/mt. Steel mill in-plant steel products inventories have declined this week as well. The supply of seaborne iron ore is now the main focus due to the viral epidemic in the overseas market, iron ore price volatility may increase in the near future.

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Source: Metals Market Index (MMi)

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