Iron Ore Futures Prices Rise as China Q1 GDP Top Market Expectations

SHANGHAI, Apr 19 (SMM) – The most-traded DCE 2309 iron ore contract closed up 2.08% at 784 yuan/mt yesterday April 18. Traders were eager to sell, while steel mills restocked only as needed. The transaction prices of PB fines in Shandong were mainly 883-895 yuan/mt, up 11 yuan/mt from a day earlier, while those in Tangshan were 902-908 yuan/mt, up 7-18 yuan/mt. China’s Q1 GDP data exceeded market expectations, while real estate data was barely satisfactory. As the International Workers‘ Day (May 1) holiday is approaching, most steel mills plan to stock up in advance.