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MMi Daily Iron Ore Index Report October 13 2022

DCE iron ore futures declined by 2.45% today, the main contract closed 696.General transactions in the market.PBF at Shandong port dealt 730- 735 yuan/mt, decrease 10-20 yuan/mt;PBF at Tangshan port dealt 760 yuan/mt. According to SMM statistics, the total stock of the top 10 domestic ports fell slightly by 1.3% to 88.95 million tons this week. In terms of varieties, the inventory of crude powder and block ore declined significantly. Driven by steel mill replenishment, coarse powder rigid demand increases. In the near heating season, the demand for block ore has strong support in the short term. Considering the profit factor of the steel mill, the expensive pellet is again tired of storage. The current terminal demand is still warming, coke prices are strong, steel mills profit is not good, iron ore demand has not seen volume. Expected before the national meeting, iron ore prices or will continue to shake the trend.

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Source: Metals Market Index (MMi)

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