Iron Ore Futures still Fluctuated with Some Downs

SHANGHAI, Mar 22 (SMM) - Yesterday, iron ore futures still fluctuated with some downs, and the most-traded I2305 contract closed at 879 yuan/mt, down 2.22%. Traders were less willing to ship and steel mills mainly purchased as needed, hence the market transactions were modest. Traded price of PB fines in Shandong moved between 900-908 yuan/mt, down 15-20 yuan/mt from the last Friday, and that of PB fines in Tangshan was 913-917 yuan/mt, down 13-25 yuan/mt.

The news of crude steel output cuts spread in the market yesterday, and the pessimistic sentiment has increased. Overlaying the impact of the Fed's interest rate hike and overseas macro factors, the iron ore market operated weakly yesterday. Considering the support of high pig iron output, it is expected that short-term iron ore prices are unlikely to fall sharply.