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MMi Daily Iron Ore Index Report May 31 2023

DCE iron ore futures declined by 0.42% today, the main contract closed at 711. 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 766-772 yuan/mt.Today’s PMI data release was lower than market expectations, and market sentiment weakened, dragging down the market before noon; As emotions digest, the market starts to rebound in the afternoon. The short-term supply and demand pattern of iron ore has not changed much. Considering the subsequent reduction in crude steel and weakened demand for finished products due to weather conditions, it is difficult for ore prices to be driven upwards. But considering cost support, the downward space is also relatively limited. Overall, ore prices are still dominated by a volatile trend.

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Source: Metals Market Index (MMi)

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