SMM Daily Comment On Imported Iron Ore Market (Sep 27)

SHANGHAI, Sep 28 (SMM) – The most-traded DCE 2401 iron ore contract closed up 0.59% at 846.5 yuan/mt yesterday. Some traders began the upcoming holiday in advance, so the shipment shrank. Since the replenishment of steel mills basically ended, the overall trading atmosphere was sluggish with few inquiries. The transaction price of PB fines was 960 yuan/mt in Tangshan yesterday, up 5 yuan/mt from the previous day. Although five steel mills in Shanxi successively reported maintenance plans, most of the maintenance was scheduled after the holiday, so recent pig iron output still remained at a high level. In addition, favorable macro information boosted market confidence, further supporting the rebound of ore prices.