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MMi Daily Iron Ore Index Report May 10 2021

DCE iron ore futures market hit limit-up in the morning session, and the quotations in the physical port stock market rose by 100-120yuan/mt over last Saturday. Some traders up adjusted their quotations once again when transactions concluded. PBF was closed at 1645-1660yuan/mt in Shandong market, with price hike of 145- 160yuan/mt over last Saturday. The booming steel prices propped up iron ore market, but some mills say they slowed down their procurements when prices kept jumping high, some steel mills’ in-plant inventory declined slightly. Majority traders continue seeing bullish to the market and some of them waiting for higher prices.

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Source: Metals Market Index (MMi)

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