Brief Daily Review of Iron Ore Market on April 12

SHANGHAI, Apr 12(SMM) - The most-traded 2209 contract closed at 925 yuan/mt, up 4.40% during the day. The quotations in the port spot market rose 10 yuan/mt from April 11. Spot prices rose by 20-30 yuan/mt. Some traders actively made shipments, and steel mills restocked on demand with good transactions. The spot prices of PB fines in Shandong stood at 990-1,010 yuan/mt, up 20-30 yuan/mt from April 11. The spot prices of SS fines in Shandong stood at 715 yuan/mt, up 5-15 yuan/mt from April 11. The spot prices of PB fines in Tangshan stood at 1,015- 20,735 yuan/mt, up 20 yuan/mt from April 11. According to data tracked by SMM, 63 ships arrived at domestic main ports from April 4-10. Arrivals of cargoes are estimated to stand at 9.662 million mt, down 790,000 mt from the previous week, and a decrease of 2.358 million mt from the same period last year. Shipments that departed Australian ports were estimated to be flat from last week to 17.2 million mt, down 2.86 million mt on the year, and that from Brazilian ports increased 500,000 mt to 5.36 million mt on a weekly basis, down 260,000 mt on the year. The arrivals of imported ore fell slightly from April 4-10, with a small increase in shipments from Australia and Brazil. Shipments from Australia stabilised, while those from Brazil were still unstable due to the rainy season. The arrivals will still hover at a low level, supporting the prices of ore, coupled with a steady rise in domestic demand. It is expected that ore prices will move upwards.