DCE iron ore futures market picked up quickly today, with warming transactions in the physical port stock market. PBF was closed at 705-710yuan/mt in Shandong market, with price hike of 5-20yuan/mt over that before the Mid-Autumn Festival holiday. And that in Tangshan market was concluded at 740-750yuan/mt, basically flat over that before the Mid-Autumn Festival holiday. Some steel mills say the cost performance for low grade ore and concentrates increased compared with the mainstream medium ore products, their demands for low grade ore increased, which caused recent shrinking price spread between mainstream medium and low grade ore products. Traders lack intentions to hold prices firm as some steel mills showed little willingness to restock before the upcoming National Day holiday.
Source: Metals Market Index (MMi)