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MMi Daily Iron Ore Index Report October 28 2022

DCE iron ore futures declined by 4.87% today, the main contract closed 624.5. The traders’ willingness to ship is general . The steel mills are purchase on demand. The overall trading sentiment of the market is less. PBF at Shandong port dealt 660-673yuan/mt,decrease 22-35 yuan/mt. PBF at Tangshan port dealt 665-670 yuan/mt, decrease 20-30 yuan/mt. As of October 28, the inventory of 35 ports tracked by SMM totaled 12617 tons, 360000 tons more than last week, 18.94 million tons less than the same period last year. The average daily port dredging volume of imported ore in this period increased by 97000 tons to 2.967 million tons on a weekly basis. First of all, the decline in port inventory was mainly due to the sharp decrease in overseas shipments this week. The total amount of Chinese iron ore arriving at the port was 16.33 million tons, a year-on-year decrease of 29.3%. At present, the output of hot metal of blast furnace has started to decline, but recently the import ore price has dropped one after another, and the steel mill just needs to replenish the warehouse, resulting in no downward trend in the daily average port dredging volume. However, the downturn in terminal demand makes the market expectation more pessimistic.

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Source: Metals Market Index (MMi)

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