The Most-Traded I2309 Iron Ore Contract Closed Up 4.11% At 824 Yuan/Mt.

The most-traded I2309 iron ore contract closed up 4.11% at 824 yuan/mt. Selling appetites from traders picked up. Some steel mills mainly purchased to hand-to-mouth use amid wait-and-see mood. The overall transactions were passable The transaction prices of PB fines in Shandong were mainly 865-875 yuan/mt, up 20-30 yuan/mt from yesterday, while those in Tangshan were 883-892 yuan/mt, up 20-30 yuan/mt. Many bullish news, especially the Prime Minister’s speech and relaxation of the purchase restriction policy, boosted market confidence. Prices of ferrous products shot up. Bolstered by macro policy expectations, high molten iron production and low inventory, iron ore market is expected to swing on a strong note in a short term.