SMM

SHANGHAI, Apr 28 (SMM) – The price difference between high and medium-grade ore narrowed further this week, while that between medium and low-grade ore widened slightly. Taking Qingdao port as an example, the price difference between mainstream high-grade ore (IOCJ fines) and medium-grade ore (PB fines) narrowed 11 yuan/mt to 84 yuan/mt, while that between PB fines and low-grade ore (super special fines or SSF) expanded 2 yuan/mt to 142 yuan/mt. Output cuts by some steel mills weighed on iron ore prices early last week. Some traders increased purchases of medium-grade ore, such as PB fines, to deliver their orders towards the end of the month. Steel mills favoured low and medium-grade ore amid poor profits.