MMi Daily Iron Ore Index Report September 04 2019
Physical iron ore port stock quotes rose 10-25yuan/mt today with most traders showing a strong desire to sell. Some mills continued restocking while others settled down due to the increasing prices. According to SMM, mills are restocking prior to the National Day holiday and thus will likely continue to support the recent iron ore prices. Mills in East China say they are going to raise their inventory levels by around 5-6 days for the upcoming 7-days holiday. Other mills in South China stated that their inventory replenishment programmes had accelerated when iron ore prices dropped from around 120USD/mt to 80-90USD/ mt. Furthermore, with their inventory levels at low levels, there is certainly a need to buy iron ore at this moment.
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