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MMi Daily Iron Ore Index Report November 08 2021

DCE iron ore futures continued to fluctuate in a day, the main contract closed 570.5, an increase of 1.42% throughout the day. The quotation in the morning fluctuate steadily; Market wait-and-see sentiment increased, most traders negotiation pattern is more flexible. Some steel mills purchasing enthusiasm is not high. PBF at Shandong port dealt 665-670 yuan/mt, decreased 10-15 yuan/mt over yesterday ;PBF at Tangshan port dealt 665-698 yuan/mt. Recently, the cold wave hit, rain and snow weather affect all parts of the country, especially the northern region of the transport impact. At the same time, the strong wind weather has also eased the heavy pollution weather in Hebei province, Yesterday Tangshan city heavy pollution weather II warning lifted, by this restriction production of blast furnaces have resumed production, iron ore demand has been released, in addition to the port environmental control has been released, port clearance is expected to increase this week.

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Source: Metals Market Index (MMi)

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