SHANGHAI, Feb 23 (SMM) - Iron ore futures prices were volatile today, with the most-traded I2305 contract closing down 0.49% at 908.5 yuan/mt. Traders were active in selling and steel mills mainly restocked as needed, so the spot trades were modest.
The transaction prices of PB fines in Shandong were mainly 913-917 yuan/mt, flat from the previous day, while PB fines were primarily traded at 919-925 yuan/mt in Tangshan, unchanged from a day ago.
The total inventories of imported iron ore across the 10 major ports in China climbed 2.1% from a week ago to 97.17 million mt with increases in each stock of the four major varieties.
The raw material inventory at steel mills have been low, which still underpinned the iron ore prices. However, the iron ore prices continued to be affected by news factors and end demand.
Iron ore prices are expected to remain rangebound in the near term.
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