SHANGHAI, May 18 (SMM) – The most-traded DCE 2309 iron ore contract closed up 1.91% at 746.5 yuan/mt today May 18. Traders sold normally, while steel mills mostly stood on the sidelines. Overall transactions were moderate. The transaction prices of PB fines in Shandong were unchanged from yesterday at 800 yuan/mt. Expectations for domestic economic stimulus policies, boosted iron ore prices. Blast furnace operating rates rose slightly this week, boosting iron ore demand. Iron ore inventory at 10 major domestic ports dropped slightly this week. However, weak steel market will prevent iron ore prices from rising sharply in the short term.

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