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MMi Daily Iron Ore Index Report May 14 2019

Eighty-two vessels carrying 12.33 million mt of iron ore arrived at major Chinese ports in the week ended May 11, down 1.66 million mt from the previous week, SMM forecasted. For the same week, iron ore shipments departing Australian ports decreased 1.47 million mt, to stand at 15.08million mt. Iron ore leaving Brazilian ports was expected to drop by 1.14 million mt on the week to 5.18 million mt, the port stock market will still enjoy certain supports from recent declining arrivals as well as obvious drop shipments from Australia and Brazil. A wild trading day today, with traders and the broader physical iron ore port stock market unable to find a clear direction in terms of pricing. Steel mills were quiet today following the early morning fall, hence a low number of concluded deals at the ports.

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Source: Metals Market Index (MMi)

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