Iron Ore Futures Swung On A Weak Note

Iron ore futures swung on a weak note, and iron ore concentrates in Tangshan was relatively strong. The price of 66 grades on a dry basis including tax was 1,010-1,020 yuan/mt (ex-works). With expectations for the market outlook, some manufacturers were reluctant to sell and wait for a rise, while individual manufacturers sold goods. The overall market trading appeared muted. There was no obvious improvement in operating rate of dressing plants, and most of the the plants didn’t ran facility at full capacity. Some of them reduced production due to the shortage of raw material resources and low price purchases by steel mills. Considering that the Dragon Boat Festival holiday is approaching, it is expected that iron ore concentrates in Tangshan will run strongly before the festival.