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MMi Daily Iron Ore Index Report March 25 2022

DCE iron ore futures market rose by 3.69%,the main contract closed 856, the quotation in the morning was increased by 10 yuan/mt over yesterday. and as the disk continues to rise, Traders’ quotations are rising. But steel mills tended to be wait-and-see, and purchasing enthusiasm is not high. total transactions remained insipid. PBF at Shandong port dealt 965-970 yuan/mt; increased 15-20 yuan/mt over yesterday. SSF at Shandong port dealt 668-670 yuan/mt; increased 20 yuan/mt over yesterday. SSF at Caofeidian port dealt 680-685 yuan/mt; increased 10-15yuan/mt over yesterday. PBF at Tianjin port dealt 975 yuan/mt; increased 10 yuan/mt over yesterday. Stocks at 35 ports tracked by SMM totaled 150.43 million tons as of March 25, a slight accumulation of 360,000 tons from the previous week and 19.61 million tons from the same period last year. Meanwhile, the average daily port clearance volume of imported ore decreased by 75,000 tons to 2.531 million tons per week. Recently, due to the serious impact of the epidemic, the transportation of raw materials has been limited. Steel mills in Tangshan and other places chose to stop production of smokey furnace to cope with the epidemic, thus reducing the demand for iron ore. In addition, the ore purchased by steel mills in the early stage leads to the accumulation of port stocks due to the decrease of port thinning efficiency, especially in some northern ports. Considering the factors such as epidemic control and inventory of finished materials, steel mills are expected to improve the demand for raw materials is limited; While overseas mine transport volume is expected to pick up gradually, port inventory is expected to accumulate this week.

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Source: Metals Market Index (MMi)

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