On the first day of China's national holiday, all domestic prices for iron ore and steel production were put on hold, while the maritime market continued to operate. The MMi index for maritime iron ore with a 61% grade decreased to $93.00 per ton, indicating a drop of 1.27%. Additionally, the price of iron ore with a 65% grade reached $111.75 per ton, reflecting a decrease of 0.22%.
Price Change Analysis
On this specific day, only the maritime market was active, providing a clear signal of price reductions. Other prices significantly decreased, with lower prices such as SP10 dropping by 1.94% and RTX Fines falling by 1.75%. Meanwhile, the decrease in the main prices of PB Fines was only 1.11%, and the 65% IOCJ remained unchanged.
Read more: Gold and Coin Prices Announced in Tehran Market
Impact of Holidays on the Market
This price decrease somewhat reflects the reduction in liquidity during the holidays. Lower-grade iron ore is more affected by domestic trading flows and speculation, which is why these prices drop more quickly during periods of halted activities. In contrast, high-grade iron ore is better insulated against these fluctuations due to long-term contracts and the base composition of blast furnaces.
On the other hand, as of September 30, total inventories at 10 ports reached 103.02 million tons (+430,000 tons), but at the same time, inventories of fine iron ore decreased (-77,100 tons) while lump iron ore (+284,200 tons) and pellets (+155,500 tons) increased. This indicates pressure on blast furnaces and the need for additional expensive feedstock.
Read more: Dr. Valiollah Seif Explained About Gold and Silver Platforms in Iran · Stability of Iron Ore Prices in China's Market Amid Decrease in Pig Iron Production
