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MMi Daily Iron Ore Index Report May 28 2019

A volatile DCE market did not stop the physical iron ore port stock quotes to rise by 10-15yuan/mt. Total concluded transactions fell. Eighty-three vessels carrying 11.1 million mt of iron ore arrived at major Chinese ports during May 19-25, down 865,000 mt from the previous week, SMM forecasted on Tuesday May 28. Arrivals decreased for three consecutive weeks as of May 25, and this may keep iron ore port inventories from rising. Shipments from Australia extended their declines since the start of May, while cargoes departing Brazil rebounded last week. During May 19-25, iron ore deliveries departing Australian ports shrank 560,000 mt from the prior week, to stand at 14.26 million mt. Iron ore leaving Brazilian ports was expected to increase 1.27 million mt week on week, to 6.02 million mt.

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Source: Metals Market Index (MMi)

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