China's spot iron ore prices at ports remain firm as traders tend to wait and see, deeming spot market is largely influenced by futures market. Steel mills saw inquiries for MNP fines but with low buying interest. Spot price for 61.5%-Fe PB fines is set at RMB455/wmt at Qingdao Port, including RMB35/tonne port charge and 16% VAT.
Spot trade at main ports weakened amid a RMB3/tonne decrease in partial transaction prices. Steel mills’ procurement was concentrated on MNP fines. Newman fines heard trade at RMB483/tonne in Tangshan, PB fines heard trade at RMB452/tonne in Shandong port.
Iron ore prices have been in narrow fluctuation recently owing to wait-and-see attitude among traders and mills. Small-sized traders have strong desire to sell in light of bearish expectation on the future market.
Seaborne iron ore market also trended weak with transaction in derivative markets moving down. Rio Tinto concluded a cargo of PB fines at US$0.53/dmt lower from last Friday. Inquiries for Australian iron ore resources were not active via platform. It is learnt that iron ore resources with low-Al remain tight, pushing up the value of per Al; High Si resources saw large discount due to ample resources. Influenced by environmental protection, the lump premium is likely to rise further. (Compiling by Vicky Wei)
Sources:XINDE MARINE NEWS
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