SMM

SHANGHAI, May 6 (SMM) - The most-traded DCE 2309 iron ore contract fell initially and then rose yesterday May 5, closing down 0.99% at 697.5 yuan/mt. Traders sold normally, while steel mills mostly stood on the sidelines. Overall transactions were moderate. The transaction prices of PB fines in Shandong were mainly 772-777 yuan/mt, down 12-23 yuan/mt from the previous day, while those in Tangshan were 788-800 yuan/mt, down 10 yuan/mt. Affected by poor steel data and overseas banking crisis yesterday, iron ore swaps in Singapore fell, driving down iron ore futures prices last night. Iron ore futures contract rebounded today, but market mentality was still unstable. Pig iron output loss from blast furnace maintenance added 171,100 mt this week and may continue to increase next week, which will hurt iron ore demand and prices.