DCE iron ore futures were bullish once again today. Traders continued to offer though mill demand was low. Traders remain optimistic that mills will be soon looking to buy more.

SMM data showed that iron ore stocks across 35 Chinese ports totalled 105.25 million mt as of April 30, down 2.35 million mt from a week ago and 20.15 million mt lower than a year ago.

A total of 78 vessels carrying 12.01 million mt of iron ore arrived at major Chinese ports during April 12-18, SMM estimates. This was down 1.82 million mt from the prior week, and down 1.22 million mt from the same period last year.

PBF traded at 615-630yuan/mt in Shandong ports, and was 640yuan/mt in Tangshan. Mills bought only to satisfy near term demand and concluded transactions fell. SMM estimates that there were 71 vessels carrying 11.75 million mt of iron ore arrived at major Chinese ports during March 15-21,down 260,000 mt from the week ended March 14 but up 1.65 million mt from the same period a year earlier.

The iron ore market maintained its bullishness, physical iron ore port stock quotes rising by 5-10yuan/mt. Mill purchasing enthusiasmrose and traders concluded speculative trades, boosting concluded transactions today.

Low to mid-grade iron ore products eased today, following the DCE market slightly lower. Some mills in East and North China plan to start purchasing within this week due to their decreasing inventory.

A volatile trading day in both physical iron ore port stock and DCE iron ore futures markets.

A volatile day on the DCE was contrasted by a relatively benign day in the physical market.

SMM statistics showed that iron ore stocks across 35 Chinese ports totaled 113.5 million mt as of December 6.