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[SMM Iron Mine Review] Iron ore port inventory continues to be low
May 29,2020 17:19CST
The content below was translated by Tencent automatically for reference.

This Tangshan production restrictions and Brazil rumors to cut production again for the market drive is more significant, the port spot market early quotation raised 10 Mel 15 yuan / ton. As the market continues to rise, some merchants raise prices again. Near the weekend, the enthusiasm of the steel mills for inquiry has decreased. As for traders, they have a good mentality and high enthusiasm for quotation today; in view of the fact that some businessmen are optimistic about the future, they still continue their price-raising behavior, and there is not much room for bargaining. The turnover of PB powder in Shandong area is 735mur745 yuan / ton, and that of PB powder in Tangshan area is about 755 yuan / ton. Today, the overall transaction is general. Inventories at 35 ports tracked by SMM totaled 99.39 million tons as of May 29, down 1.07 million tons from last week and 15.46 million tons from a year earlier, continuing to hit a nearly three-year low. At the same time, the average daily dredging volume of the port fell by 54000 tons from last week to 2.751 million tons, or about 1.9 per cent. Recently, the volume of Macao and Pakistan to Hong Kong has declined slightly, and the production restriction policy has little impact on steel mills during the two sessions. The operating rate of blast furnaces in domestic steel mills remains high, and port inventory continues to decline. However, due to more steel mills to maintain low inventory on-demand procurement, the port average daily open port month-on-month ratio is also weak. Due to the recent decrease in the number of arrivals from major ports in Shandong, the inventory of major ports in Shandong continued to decline month-on-month in the current period. Recently, the arrival of ships in Jingtang Port in Tangshan area has increased, and the port inventory has rebounded month-on-month. In view of the significant increase in Australia and Pakistan's recent shipments and the rumors of production restrictions and pressure in Tangshan in June, the decline in port inventories is expected to continue to slow in the later period. [SMM Steel]

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