China's spot iron ore prices at ports edged up by RMB5/tonne amid upward room shored up by buoyant futures market and improved demand.
Steel mills’ buying interests remain weak, whilst northern steel mills showed certain demand for iron ore lumps.
Spot transactions showed a weaker performance as compared with yesterday, some traders tended to wait and see in light of weakness in futures market during intraday trading. Transactions were concentrated on MNP fines and BRBF and Brazilian fines also saw smooth sales.
Most market participants were worried about the mounting iron ore stocks at China main ports. Influenced by policy and weather, steel mills’ demand was in part curbed.
Seaborne iron ore market remained relatively firm in spite of decline in futures and derivative market. PB fines was sold US$0.09/dmt higher from yesterday and trading via platform stayed relatively active. Premium of Newman lumps rose to US$0.2/dmtu, which mainly shored up by sintering restriction. BRBF transaction price hit new high of US$69.25/dmt. Steel mills expressed low Al iron ore prices will continue to move up.
Sources:XINDE MARINE NEWS
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