SHANGHAI, May 3 (SMM) – Spot iron ore trading in China was brisk on Wednesday May 2 as participants returned from the Labour Day holiday and as steel mills stepped up procurement on higher steel prices.
Iron ore offers were heard 5-10 yuan/mt higher across several markets during the day. Restocking after the three-day holiday also saw steel mills buying on the way up.
In Shandong, Pilbara Blend fines were done at 460 yuan/mt in the morning, unchanged from pre-holiday levels. However, sellers became reluctant to sell below 470 yuan/mt in the afternoon as iron ore futures prices on the Dalian Commodity Exchange rose.
Port prices, however, were down slightly.
SMM’s MMi Iron Ore Port Index stood at 474 yuan/wmt fot Qingdao on Wednesday for 62% Fe fines, down 4 yuan/wmt from Friday April 27.
The index for 58% Fe fines was unchanged at 320 yuan/wmt while the index for 65% Fe fines was down 3 yuan/wmt to 569 yuan/wmt.
SMM and its new price index business Metals Market Index (MMi) launched the iron ore port indices on May 2 as port prices continued to gain importance in pricing the steelmaking raw material.
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