According to SMM, today's iron futures opened low and closed high, wit

Published: Oct 19, 2023 17:53

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According to SMM, today's iron futures opened low and closed high, with a strong shock throughout the day. The main contract I2401 finally closed at 871.5, up 0.4% for the day. Traders actively shipped out, steel mills increased their purchasing willingness, mainly for replenishing stocks. The overall market turnover atmosphere was general today. PB powder transaction prices in Shandong area were 935-940 yuan/ton, up 0-6 yuan/ton from yesterday. PB powder transaction prices in Tangshan area were 957-960 yuan/ton, basically flat from yesterday. According to SMM steel data, after the impact of typhoon and other factors, the apparent demand for building materials has obviously increased. At the same time, the conflict between Palestine and Israel stimulated the export of some terminal varieties, which also drove the demand for plate products to increase slightly, and market confidence improved. Combined with the recent steel mills' shipments being still acceptable, blast furnace maintenance plans stagnating, iron ore output remaining high, ore prices being supported, and short-term changes unlikely.

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