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MMi Daily Iron Ore Index Report September 09 2022

DCE iron ore futures rose largely by 3.74% today, the main contract closed 720.5. some traders were active to sell, Some steel mills tended to be wait-and-see, and purchasing enthusiasm is not high. total transactions remained insipid.PBF at Shandong port dealt 755 yuan/mt; increased 5 yuan/mt over yesterday.SSF at Shandong port dealt 645 yuan/mt over yesterday. increased 5 yuan/mt over yesterday; PBF at Tangshan port dealt 765 yuan/mt; increased 5-10 yuan/mt over yesterday.As of September 9, the 35 ports tracked by SMM had a total inventory of 132.88 million tons, a decrease of 3.33 million tons over last week and an increase of 5.53 million tons over the same period last year. In this period, the average daily port clearance volume of imported mines increased by 133000 tons to 2.899 million tons week on week. This week is approaching the Mid Autumn Festival holiday, and the steel plant just needs to replenish its stock. This led to an increase in port dredging and a decrease in inventory. In the later period, the improvement of terminal demand will lead to the increase of steel demand, but the supply is still greater than the demand, which will suppress the price of finished products, and it is difficult for the profit of steel mills to improve. Steel mills.

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Source: Metals Market Index (MMi)

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