Physical iron ore trading slowed on Tuesday April 30 ahead of the May Day holiday in China on May 1-4, while prices strengthened on news of production restrictions on mills in Tangshan.
MB 62% Fe Iron Ore Index: $94.17 per tonne cfr Qingdao, up $0.12 per tonne. MB 62% Fe Pilbara Blend Fines Index: $93.20 per tonne cfr Qingdao, up $0.37 per tonne. MB 62% Fe Iron Ore Index-Low Alumina: $97.27 per tonne cfr Qingdao, up $0.17 per tonne. MB 58% Fe Premium Index: $86.66 per tonne cfr Qingdao, up $2.02 per tonne. MB 65% Fe Iron Ore Index: $109.80 per tonne cfr Qingdao, up $0.50 per tonne.MB 62% Fe China Port Price Index: 683 yuan per wet metric tonne (implied 62% Fe China Port Price $93.06 per dry tonne), unchanged.Key driversLate on Monday news emerged that the authorities in the northern steel hub of Tangshan had decided to impose production restrictions on local industries for the whole month of May to reduce emissions.Measures on steelmakers include a 50% cap on sintering and pelletizing facilities, blast furnaces and basic oxygen furnaces, along with a...