In news, the latest data released by National Bureau of Statistics show that China's official PMI rose to 50.2 in May, slightly lower than expected, but higher than the critical point in a row in March, showing the manufacturing sector showed a slight expansion trend. Positive macroeconomic data, boosting commodity rebound.Spot iron ore port quotation rose, including Qingdao Port 61.5% PB powder ore wet basis tax price of 440 yuan / ton, compared with the previous day up 5 yuan / ton; yiwu city Tianjin Port 61.5% PB powder ore containing wet basis tax price of 450 yuan / ton, compared with the previous day up 5 yuan / ton; Lianyungang Port 61.5% PB powder wet-based tax price of 430 yuan / ton, unchanged from the previous day. Meanwhile, as of May 29, Platts 62% iron ore index was 61.5, compared with the previous day by 0.5.
Inventory, as of May 29 the week, the domestic iron ore port stocks 83.3 million tons, representing a reduction of 1.55 million tons the previous week, weekly decline of 1.83%. Iron ore port stocks quickly fell, has declined for six consecutive weeks. Imports, data released by China Customs show that China imported 80.21 million tons of iron ore in April, compared with the previous month decreased by 30 million tonnes, a decline of 0.37%, in April iron ore imports remained at high levels. Yiwu market The demand side, China Iron and Steel Industry Association latest statistics show that in early May, average daily production of crude steel Key steel enterprises 1.768 million tons, down 1.22% over the previous ten days, the current crude steel production fell slightly in after Sanxun continuous growth, but remained at a high level, demand rebounded significantly.
Iron ore port stocks continue to decline, lower crude steel production to maintain a high level of demand has picked up, coupled with the positive macroeconomic data, iron ore fundamentals continue to improve. Yiwu Futian Market Technically, the main 1509 contract iron ore sharply higher, breaking the previous triangular shape, KDJ, MACD indicators continue to rise, short-term trend on the strong side. Buying on the operation of the proposed area in 435, 450,490 above the target, stop 430.