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MMi Daily Iron Ore Index Report September 29 2021

DCE iron ore futures rose again today, the spot quotations decreased by around 20yuan/mt over yesterday. Approaching to National Day Holiday, some steel mills almost finished their iron ore replenishment; while few inquired today on their demand. PBF at Shandong port dealt 820-825yuan/mt, slightly decreased by 0-5yuan/mt over yesterday. According to SMM tracking data, the utilization rate of blast furnaces in China this week reached to 73.8%, a decrease of 2.76% from last week, the lowest level within recent five years. Many provinces enforced strict production restriction nationwide, many steel mills decided to overhaul their BFs, which dragged down the BF utilization rate. Some steel mills told that they are still pessimistic about the iron ore price, after their replenishment before National Day Holiday, they will continue to buy iron ore on their demand rather than buy too much.

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Source: Metals Market Index (MMi)

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