Iron Ore Prices Move Rangebound amid Average Demand

SHANGHAI, Feb 17 (SMM) - Iron ore futures prices rose yesterday, with the most-traded 2301 iron ore contract closing down 1.79% at 880 yuan/mt. Traders were active in delivery while steel mills mainly purchased as needed, hence the market trading atmosphere was fair. The transaction prices of PB fines in Tangshan stood at 882-893 yuan/mt, up 2-18 yuan/mt from the previous day.  The transaction prices of PB fines in Tangshan were 883 yuan/mt yesterday, flat from a day ago.

Ore prices were supported by demand. According to the iron ore inventory across the ten major ports in China, the total inventory of the four major varieties accumulated slightly this week. Among them, the demand for fines and lumps improved to a certain extent. In recent months, the inventory of four major varieties continued to decline. But steel mills mainly digested their own stocks in light of average profits, which limited the upward trend of ore prices. The iron ore prices moved rangebound.