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MMi Daily Iron Ore Index Report October 23 2019

Yesterday nights’ DCE close had physical ports stock traders quote higher this morning. Mills chased material and transactions picked up slightly over that in early this week. However, Tangshan announced further production cuts extending to October 24, so the majority mills purchased only on demand while some mills in North China have started planning to purchase for the winter season. One mill said they worried about future potential prohibitions on iron ore deliveries, so they plan to gradually build their inventory at the plants. According to SMM, mills profits for rebar are around 400yuan/mt, so mills may keep production levels high and therefore iron ore demand is expected to maintain relatively high levels.

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Source: Metals Market Index (MMi)

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