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MMi Daily Iron Ore Index Report September 06 2019

SMM statistics showed that as of September 6, iron ore stocks across 35 Chinese ports shrank 350,000 mt from a week ago to 110.3 million mt. Year on year, stocks shrank 25.68 million mt. SMM sees little chance for port stocks to grow in the short term, given that shipments from Australia fell for two consecutive weeks in the second half of August and that steel mills may continue to stockpile ahead of the National Day holiday. Daily average deliveries from the 35 ports increased 69,000 mt on a weekly basis and 203,600 mt on a yearly basis, to 2.87 million mt this week week. This marked a third straight week of growth. Concentrated purchases by steel mills raised deliveries from major ports in the east and north, as well as the Yangtze River.

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Source: Metals Market Index (MMi)

 

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