Iron ore climbs as Tangshan loosens production curbs

Published: Jul 02, 2019 18:53 (GMT+8)

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The DCE 1909 contract hit a five-year high of 904.5 yuan/mt

SHANGHAI, Jul 2 (SMM) – Dalian iron ore rose for a four straight trading day to the highest in five years on Tuesday July 2, driven by robust fundamentals and an easing in production curbs in Anyang and Tangshan, major steelmaking cities in Hebei province.

The most traded September iron ore contract on the Dalian Commodity Exchange hit a high of 904.5 yuan/mt before it closed 5.2% higher at 900 yuan/mt.

The physical market also saw strong performance. Spot port cargoes were quoted 20-30 yuan/mt higher than the prior day. Pilbara fines were traded at 900-910 yuan/mt in Shandong and Tangshan, up 25 yuan/mt from the previous day.

Anyang issued its smog control plan for July over the weekend, requiring fewer sintering machines to shut or allowing sintering machines to suspend for a shorter period from July 1, compared to the second half of June.

The latest official documents from Tangshan also showed an easing in production curbs for July.

Market commentary Iron ore

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