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MMi Daily Iron Ore Index Report May 06 2021

Stimulated by the price hike of steel prices during the May Day holiday, DCE iron ore future price hit new high of 1185. The physical port stock prices in the morning increased by 20-25yuan/mt compared with that before the holiday. Some traders adjusted up their prices for more than one time. PBF was closed at 1325-1340yuan/mt in Shandong market, with price hike of 30-45yuan/mt over that before the holiday. In Tangshan market, PBF was concluded at 1335yuan/mt, and mills turned to be active in purchasing as steel prices increased sharply after the holiday. During the holi day, the concept of peak carbon dioxide emissions and carbon neutral has been emphasized again, which performed to be bullish to steel prices. Besides, the National Development and Reform Commission of the People’s Republic of China (NDRC)decides to indefinitely suspend all activities under the framework of China -Australia Strategic Economic Dialogue jointly held by the NDRC and relevant ministries of the Australian Commonwealth Government. As Australia is China’s main supplier of iron ore, the bullish sentiment rise again.

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Source: Metals Market Index (MMi)

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