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MMi Daily Iron Ore Index Report March 22 2024

DCE iron ore opened high and then fell, rising again in the afternoon and closing strong after a day of fluctuations. The main contract, I2405, closed at 844, up 1.5% for the day. Traders followed the market and made shipments, with some having speculative demands. Steel mills made purchases for replenishing inventory; overall, the market had a moderate trading atmosphere. PBF at Shandong port dealt 825-830 yuan/mt; decreased 0-5 yuan/mt over yesterday. PBF at Tangshan port dealt 830-835 yuan/mt; decreased 10 yuan/mt over yesterday. As of March 22, the total inventory of 35 tracked ports by SMM reached 139.69 million tons, an increase of 0.54 million tons compared to the previous period, and an increase of 7.19 million tons compared to the same period last year.

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Source: Metals Market Index (MMi)

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