DCE iron ore futures market eased back from early morning’s high, there were 5-25 yuan/mt price hike in the physical port stock market. Some mills inquiring in the morning performed to be active while the transactions failed to come through completely, especially when DCE iron ore futures market inched down. Some traders offered certain concessions in the prices in the afternoon, and the transactions concluded successively. PBF was closed at 1128-1132yuan/mt in Shandong market, keeping flat from last Friday. According to SMM, some mills’ maintenance on blast furnaces successively resumed production and thus, the demands for iron ore in the near future are expected to pick up, which may support iron ore prices. However, the second round of central ecological and environmental protection supervision has been launched, and including Shanxi, Liaoning, Anhui, Jiangxi, Henan, Hunan, Guangxi and Yunnan provinces (regions) will be stationed in and monitored for a month. Some mills purchasing for raw materials turned to be cautious. Domestic mines’ concentrates production and mills production may be affected to some extent.
Source: Metals Market Index (MMi)