I2305 Contract Adds 1.04% on Mar 3

SHANGHAI, Mar 6 (SMM) - Last Friday, iron ore futures fluctuated upwards, and the most-traded I2305 contract closed at 919 yuan/mt, up 1.04%. The quotations offered by some traders were still firm. The overall transaction was average. Some steel mills were relatively cautious in buying.  Traded price of PB fines in Shandong moved between 920-925 yuan/mt, up 3-10 yuan/mt from the previous trading day, and that of PB fines in Tangshan was 935 yuan/mt, up 5 yuan/mt.

SMM statistics showed that the iron ore inventories across the 35 ports in China totalled 136.26 million mt as of March 3, down 1.85 million mt WoW and 13.81 million mt YoY. The shipments of iron ore from the ports have risen for five consecutive weeks. Last week, the weekly average shipments from the ports added 16,000 mt WoW to 3.09 million mt.