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MMi Daily Iron Ore Index Report September 01 2022

DCE iron ore was was shocked and keep downaward all the day.The main contract closed at 675.5,decreased of 1.17%. Traders are generally motivated to ship. Steel mills are more mainly on the sidelines, and market turnover continues to pick up.PBF at Shandong port dealt 727-740 yuan/mt,increase 5-15 yuan/mt than yesterday.PBF at Tangshan dealt 745-750yuan/mt,increase 5-15 yuan/mt than yesterday. Yesterday, the swap rose sharply, which led to the rise of today’s iron ore futures in the afternoon. In the afternoon, the rise of futures was weak and fell. Basically, the inventory of the top ten ports tracked by SMM has accumulated 0.6% to 92.94 million tons in the current period, which is now the tenth period of accumulation. Both coarse and fine powder block ores have accumulated in different degrees. Because the current steel plant’s expectation for the peak season is weak, the iron ore procurement is cautious. According to today’s steel data, after the resumption of production of blast furnace, the output of finished products increases more, while the demand market is expected to recover slowly. It is expected that the finished products inventory will accumulate. At present, the macro news is mild, and the boost to market sentiment is.

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Source: Metals Market Index (MMi)

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