Imported Iron Ore Price To Move Wildly In Short Term

SHANGHAI, Oct 11(SMM) – The most-traded DCE I2401 iron ore contract closed down 1.74% at 819 yuan/mt yesterday. Iron ore traders’ shipment enthusiasm was average, steel mills were cautious in making inquiries, and the overall transaction atmosphere was muted. Transaction prices of PB fines in Shandong were concentrated in the range of 909-910 yuan/mt. In terms of macro news, sudden bankruptcy occurred again in the real estate market, causing market pessimism. In terms of fundamentals, according to the steel plant blast furnace maintenance data tracked by SMM, the pig iron output cut caused by maintenance this week was 923,700 mt, an increase of 57,600 mt WoW. It is expected that the average daily BF pig iron output will decline slightly this week. Inventories at 35 ports declined slightly last week. The arrivals of iron ore may drop this week affected by typhoons in some South China ports. It is expected that there will be no significant accumulation in port inventories this week. Iron ore prices are estimated to fluctuate within a wide range in the short term.