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[SMM Iron Mine Review] the spot price of imported ore has hit a record high today.
May 18,2020 17:01CST
The content below was translated by Tencent automatically for reference.

Today, even the railway opened high after the all-day shock stronger, late trading high down, the port spot market early quotation raised 25ko30 yuan / ton. Traders, early quotation enthusiasm is higher, as the market continues to strengthen, some merchants raise prices and hesitate to sell. Steel mills, early inquiry activity is high, a few just need to purchase, most of the price increase acceptance is not high, the overall transaction is general. The turnover of PB powder in Shandong area is about 705 million yuan / ton, while that of PB powder in Tangshan area is about 715 yuan / ton, which is 2550 yuan / ton higher than that of last Friday, which is the highest spot price at the port in recent six months. Some business feedback, taking into account the recent arrival of Brazilian goods to Hong Kong is not expected, and the price is too high, some steel mills have turned to increase the use of Australian mines and non-mainstream mines. Tangshan and Qian'an recently issued a notice to limit production, but so far there has been no suspension / reduction of blast furnace production, so the demand side of iron ore is unharmed for the time being, and there is still a strong support for prices. However, due to the large increase in spot prices in the market and the port, the transaction did not advance in time, or the price continued to soar to a certain extent. [SMM Steel]

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