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MMi Daily Iron Ore Index Report November 18 2019

This morning, physical iron ore port stock quotes rose 5-10yuan/mt, though some traders held off in hope of better pricing in the new few days. Mills inquiries were tepid today. According to SMM, current mills stock in plants keep declining and some mills are likely to be restocking in the near future. Iron ore supply pressure have eased. SMM’s calculations show that mill profits for rebar have risen to 700-800yuan/mt based on an iron ore price of 83USD/mt, which will likely help boost mill operating rates.

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Source: Metals Market Index (MMi)

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