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MMi Daily Iron Ore Index Report October 09 2019

DCE iron ore futures plunged prior to closing, pushing physical port stock quotes down by 5-10yuan/mt, however afternoon physical trading slowed. Another round of production cuts for Tangshan government was released today, which pressured the iron ore market. According to SMM, about 83 vessels carrying 13.8 million mt of iron ore arrived at major Chinese ports during September 29-October 5, up 2.54 million mt from the week ended September 21. Arrivals at ports in east China and along the Yangtze River edged up during the period. Last week, iron ore deliveries leaving Australian ports shrank 890,000 mt from September 15-21 and came in at 12.29 million mt. Shipments that departed Brazilian ports were estimated to climb 1.2 million mt to stand at 7.96 million mt, and the rise may extend in the weeks ahead.

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Source: Metals Market Index (MMi)

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