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MMi Daily Iron Ore Index Report October 16 2019

DCE iron ore futures plunged today and hit recent new low of 615yuan/mt. Physical iron ore port stock quotes declined by 10- 15yuan/mt, and it was heard that PB Fines at Qingdao port traded at 697yuan/mt, down more than 20yuan/mt over yesterday. Traders in Shandong market say they adjusted their quotes to 715yuan/mt thought it wasn’t easy to make a deal. Panic hung over the port stock market, with concluded transactions down sharply over yesterday. Handan city launched an orange alert for heavy pollution from 12 am October 16th and in response to yesterday’s production cuts in Tangshan, iron ore deliveries from Jingtang and Caofeidian ports were shutdown, thus there were few inquiries in the Tangshan market.

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Source: Metals Market Index (MMi)

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