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MMi Daily Iron Ore Index Report November 29 2021

DCE iron ore futures market rose by 4.77%,the main contract closed 614.5. the quotation in the morning was increased by 10-30 yuan/mt from last Friday. some traders were active to sell, steel mills purchased on demand;today’s overall market transaction atmosphere is acceptable. PBF at Shandong port dealt 655-670 yuan/mt, increased 20-30 yuan/mt from last Friday; PBF at Tianjin port dealt 695 yuan/mt from last Friday. The weekend, “Omicron” strain caused concern in the global market, peripheral markets fell sharply, but the Confidence of the Chinese market remains, buoyed by the expectation of recent real estate policy relaxation, steel terminal demand has improved, ferrous metals are strong today, especially iron ore I2205 intra up to 5.96%. Pre-overhaul steel mills are expected to partially resume production in December, and the market is looking forward to the recovery of iron ore demand, contributing to the short-term rebound of iron ore.

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Source: Metals Market Index (MMi)

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