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MMi Daily Iron Ore Index Report October 29 2021

DCE iron ore futures market rose by 5.56% today, the main contract closed 637.5,the quotation was decreased from yesterday. some traders were active to sell, but som e steel mills purchasing enthusiasm is not high.so today’s overall market transaction atmosphere in general. PBF at Shandong port dealt 785 yuan/mt, decreased 25 yuanmt over yesterday. Port inventory accumulated for the fifth consecutive week, shipments from ports continued to increase. As of October 29, the i ron ore inventory across 35 ports tracked by SMM totalled 142.82 million mt, up 4.06 million mt from a week ago and 16.23 million mt from a year ago. The inventory ac cumulated further amid the sharp increase in the shipment arrivals from overseas. The daily average shipment from the 35 ports to domestic market increased 133,000 mt on a weekly basis to 2.80 million mt last week. The shipments from the two major ports in Tangshang returned to a normal level after the environmental protection c ontrol ended. However, many steel mills in north China have shut down the blast furnaces for the heating season in winter. The steel mills are expected to slow down th e purchase of iron ore, and the shipments from the local ports may not increase significantly. Some steel mills in Shandong and the regions along the Yangtze River were active to purchase the spot resources at ports due to the low in- plant inventories, and the shipments from ports to domestic market may increase further.

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Source: Metals Market Index (MMi)

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