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MMi Daily Iron Ore Index Report September 11 2019

Futures volatility had market participants step back from concluding large volumes of trades today, though offers did tentatively inch up. Iron ore ports stock prices are still expected potentially rise given mills further stockpiling after the Mid-Autumn Festival holiday. Major Chinese ports saw arrivals of seaborne iron ore dipping for the third consecutive week as of September 7, SMM data showed on Wednesday September 11. SMM estimates that 75 vessels carrying 10.85 million mt of iron ore arrived at major Chinese ports during September 1-7, down 500,000 mt from the week ended August 31. Last week, iron ore deliveries leaving Australian ports shrank 1.47 million mt from the prior week to 13.67 million mt. Shipments that departed Brazilian ports were estimated to extend declines by 1.09 million mt on the week to 6.03 million mt, due to berth maintenance.

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Source: Metals Market Index (MMi)

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