DCE iron ore futures market rose by 5% in the first trading day after the National Day holiday, traders offered relatively stable quotations in the morning while successively up adjusted their quotations when DCE iron ore futures market vibrated upward. Some steel mills increased their procurements after the consumptions during the holiday and meanwhile, some steel mills in East China are expected to resume certain production after previous strict reduction, total transactions warmed up clearly. Some traders see bullish in the short run and thus, they tended to hold their prices firm today. PBF was closed at 870-875yuan/ mt and 865-880yuan/mt in Shandong and Tangshan market separately, with price hike of 25-30yuan/mt over that before the holiday.

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Source: Metals Market Index (MMi)