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MMi Daily Iron Ore Index Report May 29 2019

Physical iron ore port stock quotes dropped by 10-15yuan/mt as the DCE Futures market continued to show weakness. Mill inquiries increased and some of them took advantage of the drops by picking up some tonnage. However, traders were less willing to bargain as the DCE market rallied prior to closing. The current tight supply of tradable resources is still providing a floor to the current iron ore price. According to SMM, though steel mills profits have declined to around RMB200-400yuan/mt, mills show an unwillingness to conduct maintenance or slow production, so it is likely that their demand for iron ore will remain at the current high levels.

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Source: Metals Market Index (MMi)

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