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MMi Daily Iron Ore Index Report May 12 2022

May 12th, 2022 CFR Qingdao, USD/dry tonne DCE iron ore first up and then down, the main contract closed 796 final. the quotation in the morning was increased by 20 yuan/mt over yesterday. but as the disk continues to decline. The market tended to be wait-and-see, total transactions is few. PBF at Shandong port dealt 915-925 yuan/mt; decreased 5-10 yuan/mt over yesterday. SSF at Shandong port dealt 703 yuan/mt; decreased 15 yuan/mt over yesterday. PBF at Tangshan port dealt 910-915 yuan/mt; decreased 10-15 yuan/mt over yesterday. Yesterday, the National Development and Reform Commission (NDRC) issued a notice to all localities to check the assessment base for the reduction of crude steel output in 2022, asking them to verify and feedback the assessment base. Later steel mills or will again reduce production, iron ore demand or lower. In addition, macroeconomic data is less than expected, market sentiment is more pessimistic. Mine price is expected to continue to shock tomorrow.

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Source: Metals Market Index (MMi)

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