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MMi Daily Iron Ore Index Report May 06 2019

Stocks of iron ore across Chinese ports saw a much smaller decline last week as a substantial increase in Caofeidian largely offset losses at other ports. SMM data showed that iron ore stocks across 35 Chinese ports edged down 60,000 mt to stand at 125.4 million mt in the week ended May 3, compared with a drop of 3.23 million mt in the week ended April 26. Inventories at Caofeidian port increased by close to 1 million mt last week. Daily average iron ore deliveries leaving those ports continued to climb, up 32,000 mt week on week to 2.67 million mt last week. Major ports in Shandong saw their daily iron ore deliveries inch up, while improved transportation conditions in Tangshan helped iron ore shipments leaving Jingtang and Caofeidian ports recover to the average daily level of above 300,000 mt.

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Source: Metals Market Index (MMi)

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