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MMi Daily Iron Ore Index Report May 06 2022

DCE iron ore futures market falling sharply trends by 5.12%.the main contract closed 825. The spot quotation in the morning almost kept steady. but as the disk continues to decline, the price decreased 10-20 yuan/mt. Traders have strong willingness to support prices,steel mills purchased on demand. total transactions is poor. BF at Shandong port dealt 955-970 yuan/mt; decreased 15-20 yuan/mt over yesterday. SSF at Shandong port dealt 735-740 yuan/mt; decreased 15-20 yuan/mt over yesterday. PBF at Tangshan port dealt 955-975 yuan/mt; decreased 20-30 yuan/mt over yesterday. SSF at Shandong port dealt 745-750 yuan/mt; decreased5-10 yuan/mt over yesterday. As of May 6, the inventory of 35 ports tracked by SMM totaled 138.3 million tons, which continued to decline by 1.79 million tons compared with the previous week, narrowing the range of inventory reduction, but increasing by 14.9 million tons year-on-year. Meanwhile, the average daily port dredging volume of imported mines increased by 187,000 tons to 3.048 million tons on a weekly basis. On the one hand, the number of arrivals in this period has decreased significantly. On the other hand, the epidemic situation in the northern region has improved, logistics and transportation have recovered, and the amount of port dredging has increased significantly. Considering the loss of profits of steel mills and general production enthusiasm, the demand for iron ore is still stable, and the ore price is expected to fluctuate widely.

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Source: Metals Market Index (MMi)

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