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MMi Daily Iron Ore Index Report November 11 2019

Iron ore physical port stock prices continued to decline today. As prices fell, trader pessimism grew. There is no price spread for PB Fines between the Shandong and Tangshan markets as iron ore inventory in Tangshan has risen since September, and traders in Tangshan have been pressured to sell. Mill demand has not grown with dropping iron ore prices, as they face uncertainty due to potential production cuts for the winter season. Thus the majority mills hold relatively low inventory at the plants. On the other hand, they potentially still have to restock, especially as profit margins hover around 600yuan/mt.

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Source: Metals Market Index (MMi)

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