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MMi Daily Iron Ore Index Report May 30 2023

DCE iron ore futures declined by 0.28% today, the main contract closed at 707.5. The traders’ willingness to ship is general. The steel mills are not active to purchase. The overall trading sentiment of the market is general. PBF at Shandong port deal 772 yuan/mt. PBF at Tangshan port deal 795-797 yuan/mt . Today, there are rumors in the market that Tangshan crude steel level control regulations have been issued. There are rumors that upstream raw materials are being sold to steel mills, which have been falsified, but the market mentality is relatively pessimistic, dragging down the weakness of futures trading. However, the May PMI data released on Wednesday showed that the market still had some expectaƟons, so the sentiment did not completely collapse. In addition, the fundamentals of iron ore have not changed much, and the profits of steel mills in the industrial chain are still acceptable. Recently, the transaction data of finished products is still available. Overall, the logic of iron ore trends is still greatly influenced by the news, and in the short term, ore prices are still mainly subject to broad fluctuations.

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Source: Metals Market Index (MMi)

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