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MMi Daily Iron Ore Index Report May 16 2019

A very strong physical trading session today, with PB Fines in Tangshan trading at levels close to 700 RMB/wt, up about 15-20yuan/mt over yesterday, boosted by a rising iron ore DCE futures market. Traders and mills were both active today, with the number of transaction up strongly relative to Wednesday. According to SMM, there are several reasons for today’s activity: 1)pig iron output in April recorded new high of 69.83 million mt, up 5.6% MoM and 10.6% YoY respectively, boosting iron ore demand. 2) Average mill margins of around 500-600yuan/mt will continue prolonging strong iron ore demand. 3) Iron ore inventory at port has fallen for five consecutive weeks, and this trend looks to continue as iron ore arrivals in Early-Mid are was expected to drop as well, providing further support to iron ore prices.

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Source: Metals Market Index (MMi)

Note: The PDF has the wrong date set, but all the data is current and up-to-date.

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