SMM daily comment on imported iron ore market (Aug 21)

SHANGHAI, Aug 21 (SMM) –

The most-traded DCE 2401 iron ore contract closed up 0.91% at 777 yuan/mt on August 21. Selling appetites from iron ore traders appeared good, while steel mills purchased ores on a need-to basis. The willingness to purchase improved, but the overall trading situation was still dominated by just-needed purchases. The market turnover today was fair. PB fines prices in Shandong were mostly 865-870 yuan/mt /mt, up 5-12 yuan/mt compared with last Friday. SMM shipping data shows that arrivals at domestic ports continued to increase last week, up by more than 2.5 million mt, leading to ample supply. However, the molten iron output is at a high level, and the fundamentals support for iron ore price is strong. The short-term stimulus of macro policies and production restriction news will keep ore prices firm tomorrow.