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  SMM Evening Comments (Jul 28): Shanghai Nonferrous Metals Mostly Closed in Negative Range

  Shanghai nonferrous metals market closed the day with broad losses ahead the Fed’s interest rate meeting.

• MMi Daily Iron Ore Report (July 28)

  Iron ore quotations in the physical port stock market declined by 15-20yuan/mt early this morning, while traders performed to be firm on their quotations gradually when DCE iron ore futures market recovered. PBF was concluded at 1365-1378yuan/mt in Shandong market and that in Tangshan was 1360yuan/mt, a price hike of 5yuan/mt over yesterday.

• China's Exports of Manganese Products up 101.96% YoY

  China’s total exports of wrought manganese, manganese products, unwrought manganese and scrap materials and powder stood at 51,958.18 mt in June, up 70.96% month on month and 101.96% year on year, according to SMM statistics.

• Ulan Qab Saw Large Scale Production Suspension of Ferrochrome Last week

  Almost all medium-sized ferrochrome plants in Ulan Qab suspended production last week. Individual producers are scheduling maintenance even with stable production.

• Crude Steel Production Reduction and Off Season Effect Depressing Demand, Iron Ore Trending Down?

  Data showed that the iron ore arrivals at port last week (7.18-7.24) were expected to be 1,198 mt, down 650,000 mt from the previous week and down 2.98 million from same period last year, according to SMM. Imported iron ore arrivals have fallen for three consecutive weeks, offering some support to iron ore prices.