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MMi Daily Iron Ore Index Report March 31 2023

DCE iron ore futures rose by 1.17% in the day, the main contract closed 907.some traders quotation is still stronger, and steel mills purchased on demand. total transactions remained insipid. PBF at Shandong port dealt 922 yuan/mt; increased 7 yuan/mt over yesterday. SSF at Shandong port dealt 790 yuan/mt; PBF at Tangshan port dealt 932 yuan/mt; the increased 10 yuan/mt over yesterday. he inventory of 35 ports tracked by SMM totaled 131.02 million tons, down 1.48 million tons from last week and 12.61 million tons from the same period last year. As of now, the inventory of 35 ports has decreased for five consecutive periods. The daily average port dredging volume of imported mines in this period increased by 133000 tons to 304700 tons on a weekly basis. This week, the production of molten iron from the blast furnace rose to a high level in the same period, with fundamentals supporting the rigid demand for raw materials, and steel mills were highly motivated to dredge ports. Port inventories continue to decline. In addition, China’s manufacturing PMI for March, announced today, was 51.5, slightly lower than expected but higher than market expectations, which also supported mineral prices.

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Source: Metals Market Index (MMi)

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