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MMi Daily Iron Ore Index Report October 25 2022

DCE iron ore futures declined by 1.9% today, the main contract closed 669.5. The traders’ willingness to ship is general . The steel mills are purchase on demand. The overall trading sentiment of the market is general. PBF at Shandong port dealt 701-710 yuan/mt,decrease 10- 20yuan/mt. The demand in the peak season of October was lower than expected, and the demand for iron ore was difficult to improve along with the weak demand for finished products. The steel mills were not active in replenishing raw material inventory, and the price of imported ore was relatively low. As the off-season approaches, downstream demand may shrink again, and the profits of steel mills may hardly recover. In the short term, iron ore prices are still weak and volatile.

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Source: Metals Market Index (MMi)

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