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MMi Daily Iron Ore Index Report November 20 2019

Morning iron ore port stock quotes were stable in Shandong market and up 5yuan/mt in Tangshan market. Mill buying rose today, and thus concluded transactions picked up. Some mills in North China say they are only buying as needed due to frequent production limits due to pollution. Due to the Lunar New Year holiday, some mills in North China plan to build their inventory from early January. According to SMM, mill rebar profit margins have climbed to around 800yuan/mt, which offer strong support to the current iron ore market. Some traders are looking to raise their quotes, potentially pointing to a bullish market.

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Source: Metals Market Index (MMi)

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