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MMi Daily Iron Ore Index Report May 07 2019

Vale announced that its wet processing operations at Brucutu has been stopped following the Brazil court’s recent decision. The iron ore physical and futures markets both saw increased trading today following this news. Physical iron ore ort stock quotes rose by around 10-20 RMB/t this morning as mills looked to purchase more iron ore ahead of potential higher price in the future. Added to increased demand from mills who were slightly short of product following the May holiday, the market saw strong moves higher.

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Source: Metals Market Index (MMi)

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