Iron ore quotations in the physical port stock market inched down gradually when DCE iron ore futures market vibrated vulnerably. Total transactions concluded to be insipid as mills remained on-demands procurements. PBF was closed at 1470-1480yuan/mt in Shandong market, with price falling of 10-20yuan/mt over last Friday, and that in Tangshan market declined by 25yuan/mt to 1470yuan/mt. Mills’ demands for Low-grade SSF picked up continuously due to the increasing cost performance, especially when the price spread between PBF and SSF expanded continuously to 460yuan/mt. Some steel mills told SMM, their sales of steel products slowed down even though steel prices bounced up again. Besides, Tangshan government initiated mitigation measures for ozone weather from last weekend to Jul 23, 2021, the transportation of heavy cargo vehicles will be restricted during this period, steel mills purchasing intentions in the short run will slack off.
Source: Metals Market Index (MMi)