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MMi Daily Iron Ore Index Report November 12 2021

DCE iron ore futures market falling trends, an decrease of 1.62 % throughout the day. The spot quotation in the morning almost kept steady. Some traders were active to sell, but steel mills replenishment were completed this week.so total transactions was decreased significantly.SSF at Shandong port dealt 390 yuan/mt;PBF at Tangshan port dealt 605-610 yuan/mt; decreased 5-10 yuan/mt over yesterday ; As of November 5, the iron ore inventories across the 35. Chinese ports tracked by SMM totalled 145.12 million mt, an increase of 2.29 million mt from the previous week and 19.02 million mt year-on-year. The daily average shipments from the 35 ports dropped 54,000 mt on a weekly basis to 2.75 million mt last week. Some steel mills in north China did not increase the purchases due to environmental protection- related controls, and port arrivals from overseas increased, further raising local port inventory. The sharp drop in imported ore prices also affected the purchasing sentiment of steel mills. However, the shipments from domestic ports are expected to pick up this week as Tangshan may loosen environmental protection-related controls on local steel mills and ports, depending on how the pollution improves, and as some steel mills in Shandong may resume production.

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Source: Metals Market Index (MMi)

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