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MMi Daily Iron Ore Index Report November 24 2022

DCE iron ore futures rose by 1.31% today, the main contract closed 732. The traders’ willingness to ship is less . The steel mills are purchase on demand. The overall trading sentiment of the market is less. PBF at Shandong port dealt 730-736 yuan/mt,increase 10-15 yuan/mt; PBF at Tangshan port dealt 741 yuan/mt,increase 6 yuan/mt. According to SMM statistics, the inventory of the top ten ports this week slightly accumulated 2.7% to 92.11 million tons. In terms of varieties, only pellets went to the warehouse slightly. First of all, the domestic pellet mineral volume decreased this week, which supported the demand for imported pellets. Secondly, the profits of the steel mill in the past month have been restored, and the willingness to purchase pellets has also been improved. In the near future, the supply and demand side are stable, and the port inventory is not contradictory. Short term iron ore prices continue to fluctuate mainly.

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Source: Metals Market Index (MMi)

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