The physical port stock prices mixed with ups and downs as DCE iron ore futures market vibrated narrowly. Total transactions fell off as some steel mills have finished their weekly purchasing missions early this morning. PBF was closed at 1260-1265yuan/mt in Shandong and Tangshan markets. According to some steel mills’, they mainly keep procurements on demands until they get clear production cuts policy. Some steel mills in North China say they recently increased their purchasing for lump products given the dropping lump premiums. But majority steel mills say they prefer to use low grade products as this can reduce some production costs and meanwhile, to achieve the mission of reducing production.
Source: Metals Market Index (MMi)