SMM Daily Comment On Imported Iron Ore Market (Apr 27, 2023)

SHANGHAI, Apr 28 (SMM) - The most-traded DCE 2309 iron ore contract went down after opening higher yesterday April 27, closing up 0.56% at 713.5 yuan/mt. Some traders delivered orders near the end of the month. Steel mills restocked based on rigid demand before the upcoming Labour Day holiday, and overall transactions were modest. The transaction prices of PB fines in Shandong were mainly 819-822 yuan/mt, up 10-12 yuan/mt from a day earlier, while those in Tangshan were 825-827 yuan/mt, up 7-10 yuan/mt. The transaction prices of super fines in Tangshan rose 10 yuan/mt to 683 yuan/mt. Rebar demand improved slightly today, but still fell short of expectations. High pig iron output will ensure strong demand for iron ore and support its prices. It is expected that imported iron ore prices will still fluctuate within a narrow range.