SMM daily comment on imported iron ore market (Sep 4)

SHANGHAI, Sep 4 (SMM) – The most-traded DCE 2401 iron ore contract closed up 0.06% at 844.5 yuan/mt today. Iron ore traders were highly motivated to ship today, steel mills mainly purchased iron ore based on rigid demand, and the overall transaction atmosphere was active. The transaction prices of PB fines were 914-918 yuan/mt in Shandong, up 4-8 yuan/mt compared with last week, and 910-919 yuan/mt in Hebei, up 6 yuan/mt. The transaction prices of super special fines in Hebei were 758-765 yuan/mt, 4-6 yuan/mt higher than that of last week. According to SMM shipping data, global iron ore shipments totaled 35.33 million mt last week, an increase of 18% WoW, and arrivals at major ports in China increased by 1.74% WoW. From the perspective of demand, the output of blast furnace molten iron fluctuates within a narrow range. And the supply and demand are both strong in the iron ore fundamentals. Entering the peak season in September and October, changes in profits of steel mills and the actual fulfillment of market expectations will deserve to be monitored.