SMM Daily Comment On Imported Iron Ore Market (Sep 6)

SHANGHAI, Sep 6(SMM) – The most-traded DCE 2401 iron ore contract closed up 0.12% at 853.5 yuan/mt today. Iron ore traders were highly motivated to ship today, while steel mills mainly purchased iron ore based on rigid demand, and the overall transaction atmosphere was active. The transaction prices of PB fines were 915-917 yuan/mt in Shandong, up 5-7 yuan/mt compared with yesterday, and 920 yuan/mt in Hebei, up 6 yuan/mt. In terms of news, the real estate market in first-tier cities is gradually picking up, and improved sentiment in this sector boosted the ferrous metal market sentiment. According to SMM statistics, the blast furnace operating rate was 93.46% as of September 6, an increase of 0.3% WoW. The average daily molten iron output of the sample blast furnace steel mills rose slightly by 9,000 mt. Strong demand strengthened support for ore price. Since the profits of some steel mills recovered recently, production enthusiasm was fueled. Buyers need to pay attention to the demand for finished steel, and the short-term iron ore price may fluctuate upward.