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MMi Daily Iron Ore Index Report March 29 2023

DCE iron ore futures continued to fluctuate in a day by 1.54. the main contract closed 890.5. Some traders adopt separate quotations, and Some steel mills tended to be wait-and-see, and purchasing enthusiasm is not high. total transactions remained insipid. PBF at Shandong port dealt 908 yuan/mt; increased 10 yuan/mt over yesterday. PBF at Tangshan port dealt 918 yuan/mt; the increased 5 yuan/mt over yesterday. Driven by the recent improvement in demand for finished products, iron ore prices continued to experience strong shocks today. However, spot transactions are relatively stable, and speculative demand has decreased. The market is mainly dominated by steel mills that just need to replenish their inventories. However, due to the impact of weather, the sustainability of terminal demand needs to be observed, and attention should be paid to the impact of tomorrow’s building materials inventory and apparent demand.

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Source: Metals Market Index (MMi)

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