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MMi Daily Iron Ore Index Report November 26 2021

DCE iron ore futures market falling trends,an decrease of 6.65% throughout the day; the main contract closed 575.5. some traders were to sell, but, Some steel mills tended to be wait-and-see, and purchasing enthusiasm is not high. total transactions remained insipid. PBF at Shandong port dealt 635-640 yuan/mt,decreased 35- 40 yuan/mt over yesterday; PBF at Tangshan port dealt 635 yuan/mt over yesterday. As of November 26, the iron ore inventories across the 35 ports in China tracked by SMM totalled 148.75 million mt, an increase of 1.42 million mt from the previous week and 27.43 million mt year-on-year. The daily average shipments from the 35 ports dropped 63,000 mt on a weekly basis to 2.72 million mt this week. Handan, Tangshan, and Sichuan reissued the heavy pollution warnings recently, causing many steel mills to shut down the blast furnaces and sintering machines, which dragged down the shipments from ports. In addition, the iron ore arrivals at ports did not drop significantly, so the port inventory remained in an upward trend. The inventories increased at some ports in north and east China. The port inventory is expected to rise more slowly this week, as some steel mills will resume the blast furnace production in early December, and the spot transactions at ports have improved since the previous week.

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Source: Metals Market Index (MMi)

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