Spot iron ore trades quiet 1st day after holiday-Shanghai Metals Market

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Spot iron ore trades quiet 1st day after holiday

Price Review & Forecast 06:09:18PM May 05, 2019 Source:SMM

SHANGHAI, May 5 (SMM) – China saw poor spot iron ore trades on the first day after a four-day Labour Day holiday, as stockpiles made pre-holiday deterred steelmakers from restocking.

A handful of sellers raised quotes for spot seaborne cargoes at ports by 5 yuan/mt today, while some sellers did not offer as the futures market shut for the weekend.

Prices of Tangshan steel billet gained 30 yuan/mt over the holiday.

Market talk suggested that steel mills in Tangshan may face strict implementation of anti-pollution output curbs for the non-heating season in May.

SMM learned that most mills currently hold operations unchanged from pre-holiday levels. Some mills plan to put their blast furnaces under maintenance in recent days, and this is likely to hurt demand for iron ore.

Key Words:  Market commentary  Iron ore 

Spot iron ore trades quiet 1st day after holiday

Price Review & Forecast 06:09:18PM May 05, 2019 Source:SMM

SHANGHAI, May 5 (SMM) – China saw poor spot iron ore trades on the first day after a four-day Labour Day holiday, as stockpiles made pre-holiday deterred steelmakers from restocking.

A handful of sellers raised quotes for spot seaborne cargoes at ports by 5 yuan/mt today, while some sellers did not offer as the futures market shut for the weekend.

Prices of Tangshan steel billet gained 30 yuan/mt over the holiday.

Market talk suggested that steel mills in Tangshan may face strict implementation of anti-pollution output curbs for the non-heating season in May.

SMM learned that most mills currently hold operations unchanged from pre-holiday levels. Some mills plan to put their blast furnaces under maintenance in recent days, and this is likely to hurt demand for iron ore.

Key Words:  Market commentary  Iron ore