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MMi Daily Iron Ore Index Report May 20 2022

May 20th, 2022 CFR Qingdao, USD/dry tonne DCE iron ore futures market riseing sharply trends by 5.31%, the main contract closed 842.5. The spot quotation in the morning almost kept steady. but as the disk continues to rose, The traders increased 20-30 yuan/mt. Traders increased speculative trading, steel mills purchased on demand. Today the overall market transaction atmosphere is acceptable. PBF at Shandong port dealt 930-940 yuan/mt; increased 20-30 yuan/mt over yesterday. SSF at Shandong port dealt 735-740 yuan/mt; increased 25-30 yuan/mt over yesterday. PBF at Tangshan port dealt 930 yuan/mt; increased 20 yuan/mt over yesterday. As of May 20, the total inventory of 35 ports tracked by SMM was 130.84 million tons, which continued to decline by 4.27 million tons compared with the previous week, an increase of 7.65 million tons over the same period last year, and the year-on-year decline continued to narrow significantly. The trend of depots in imported ore ports continued. Meanwhile, the average daily port dredging volume of imported mines increased by 86000 tons to 3.18 million tons on a weekly basis. On the one hand, the inbound volume of imported ore has continued to decline recently, and the automobile transportation in some areas has eased after the epidemic, and the improvement of port dredging has driven the port to continue to decline, especially the inventory decline in Tangshan and Hong Kong. In addition, with the recent average daily output of pig iron continuing to rise, but the export volume of Australia and Pakistan has decreased, the port is expected to continue the trend of reducing storage next week.

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Source: Metals Market Index (MMi)

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