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MMi Daily Iron Ore Index Report May 10 2019

As of May 10, iron ore stocks across 35 Chinese ports shrank 900,000 mt from a week ago and 20.77 million mt from a year ago,and stood at 124.5 million mt, SMM statistics showed. Higher arrivals grew stocks across major ports in the north, while stocks across major ports in the east and along the Yangtze River dipped. Greater purchases, driven by profits of 700-800 yuan/mt for rebar, grew daily deliveries from ports by 35,000 mt from a week ago and 263,000 mt from a year ago, to 2.71 million mt last week. Port stocks are likely to stop their declines this week, given possible output cuts across steel mills in the north and higher arrivals.

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Source: Metals Market Index (MMi)

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