SMM Daily Comment On Imported Iron Ore Market (Sep 12)

SHANGHAI, Sep 12(SMM) – The most-traded DCE 2401 iron ore contract closed up 1.96% at 859 yuan/mt today. Steel mills replenished their inventories based on rigid demand, and the overall market transaction atmosphere today was average. The transaction price of PB fines was 925 yuan/mt in Shandong, up 5 yuan/mt compared with the previous trading day, and prices in Tangshan were 930-935 yuan/mt, up 2-10 yuan/mt. The recent output of pig iron remained high, and the fundamentals were firm. Since the Mid-Autumn Festival and National Day holiday approaches, steel mills tend to replenish inventories. Besides, on the macro front, the relaxation of real estate policies will continue. Based on the above factors, short-term iron ore prices are expected to fluctuate at high levels.