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MMi Daily Iron Ore Index Report September 19 2019

Iron ore physical port stock prices shed ground today, though still higher than a week ago. Mill stockpiling in Tangshan accelerated this week with daily average deliveries around 350,000mt. As a result, iron ore inventory levels in Tangshan are up to 15 days, but some mills are likely to continue buying next week in case of port closures. In Shandong , demand was low, but some mills will purchase in small amounts. PB Fines spread between Tangshan and Shandong rose to more than 30yuan/mt. As for mills alongside the Yangtze River, as most demand has been satiated, prices are below those of other regions. As next week will be the last week before the National Day Holiday, trading activities in the port stock market may recede, putting pressure on the indices.

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Source: Metals Market Index (MMi)

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