SHANGHAI, May 10 (SMM) – Iron ore prices dipped on Thursday May 10 even as offers stayed firm with support from a pick-up in prices of futures near closing time on the Dalian Commodity Exchange, SMM learned. 

The dominant contract closed at 470 yuan/mt, down some 0.42% from the previous day.

In April, China imported 82.92 million mt of iron ore, down 3.4% from a month ago, but up 0.8% from a year ago, customs data showed. Total imported volumes during the first four months stood at 353 million mt, flat from the same period last year. Slower demand from steel mills affected by environmental inspections accounted for the month on month decline. 

SMM expects imports of iron ore to increase in May on higher downstream demand. Profits across steelmakers have rebounded since April. Suspended steel plants are likely to resume production in May, when environmental limitations and maintenance works end.

SMM's MMi Iron Ore Port Index stood at 474 yuan/wmt fot Qingdao on Thursday for 62% Fe fines, up 5 yuan/wmt from Wednesday May 9.  

The index for 58% Fe fines declined 4 yuan/wmt to 326 yuan/wmt while the index for 65% Fe fines rose 4 yuan/wmt to 568 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 iron ore.  

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