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MMi Daily Iron Ore Index Report October 11 2022

DCE iron ore futures declined by 2.5% today, the main contract closed 721.5.General transactions in the market.PBF at Shandong port dealt 755 yuan/mt, decrease 8-13yuan/mt;PBF at Tangshan port dealt 765-770 yuan/mt ;decrease 5-10 yuan/mt. On the supply side, the shipment volume of overseas iron ore has shrunk slightly in the near future due to inflation, four epidemics and the continuous downturn of China’s housing market. However, in the near future, some steel plants’ blast furnaces have been overhauled due to production restriction, loss and other reasons, and the important meeting in October is approaching or will affect the production of some steel plants, so the demand for iron ore has shrunk. According to SMM statistics, the impact of blast furnace maintenance this week on molten iron was 108.84 tons, an increase of 32400 tons compared with last week. Under the situation of weak balance between supply and demand, short-term iron ore prices are expected to be dominated by shocks.

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Source: Metals Market Index (MMi)

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