SHANGHAI, August 4, (SMM)-
The most-traded DCE 2309 iron ore contract moved downwards yesterday, closing down 2.99% at 810.5 yuan/mt. Higher selling appetites from iron ore traders were monitored, while buying appetites from steel mills weakened. Under this circumstance, the overall transaction appeared moderate. The transaction prices of PB fines in Shandong stood at 860 yuan/mt, down 7 yuan/mt on the day, and those in Tangshan were 845 yuan/mt, down 22 yuan/mt on the day. There were discussions about whether to close the iron ore night market after ore market closed yesterday. Recent news of crude steel production restrictions cast a shadow over iron ore futures market, and short-term iron ore prices will be subject to a picture of the restrictions without latest document issued. In the face of uncertainty, iron ore prices will be largely dominated by fundamentals. Iron ore prices may inch down, or pick up on the near-term horizon.
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