The most-traded DCE 2309 iron ore contract moved downwards after opening higher, closing down 0.06% at 886.5 yuan/mt today. Traders are still quite eager to sell. Some steel mills have a need to replenish inventory after the holiday and purchase on demand. The overall market transaction atmosphere today was moderate. The transaction prices of PB fines in Shandong were mainly 882-890 yuan/mt, down 0-5 yuan/mt from yesterday, while those in Tangshan were 905-910 yuan/mt, down 0-5 yuan/mt.
SMM estimates that 1.2668 million mt of pig iron output will be lost from blast furnace maintenance during May 4-10, down 87,100 mt on a weekly basis. SMM estimates that 1.0926 million mt of pig iron output will be lost from blast furnace maintenance during May 11-17, down 174,200 mt on a weekly basis. Pig iron output is still recovering, but the increase may narrow this week. Combined with the high valuation of iron ore, market operations are relatively cautious; but considering that the fundamentals are still supportive, it is expected that ore prices will still be driven upward after a short-term adjustment.
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