DCE Iron Ore Contract Closes With Losses Today

SHANGHAI, May 25 (SMM) – The most-traded DCE 2309 iron ore contract closed down 2.23% at 681 yuan/mt today. Traders held offers firm, while steel mills mostly took a wait-and-see stance. The transaction prices of PB fines in Shandong were unchanged from yesterday at 745-755 yuan/mt. The decline in steel inventory slowed down. Growing output and falling demand intensified bearish sentiment in the steel market. As steel prices and raw material prices both fell, steel mills’ profit margins were not affected much, thus they have no plans to cut output. Prices of imported iron ore may hover at lows in the short term.