SHANGHAI, Aug 21 (SMM) –
The most-traded DCE 2401 iron ore contract closed up 2.94% at 771.5 yuan/mt on August 18. Selling appetites from iron ore traders appeared passable, while steel mills purchased ores on a need-to basis. The overall market trading was moderate. The transaction prices of PB fines in Shandong were mostly 852-859 yuan/mt /mt, up 1-2 yuan/mt on the day. The transaction prices of PB fines in Tangshan were 864 yuan/mt. Iron ore inventories across 35 ports tracked by SMM totaled 117 million mt. High pig iron output of BF-based steel mills brought with it rigid demand for raw materials. In addition, with upcoming delivery for the 2309 contract, spread between futures and spot prices gradually narrowed, thereby leading to some speculative demand from traders. Under such circumstance, iron ore shipments from the ports hiked to the highest level in a year. With upcoming delivery, the near-month contracts saw correction of basis. The implementation of crude steel output limit may unfold when forward-month contracts is about to deliver. However, short-term prices of iron ore spots at ports will hike sluggishly. It is expected that ore price will fluctuate in a wide range next week.
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