China’s imported iron ore market inches higher on expectation. Iron ore and steel futures market remains buoyant owing to bullish outlook among market participants following news about potential pollutant control measures in heating season. Steel market is also on the rise, lending support to iron ore market. Traders hike quotations by RMB3-5/tonne or so. Traders are active in sales, while steel mills are not eager to restock ahead of weekend. According to a trader in northern China, ports stocks are still high and buyers are likely to depress purchase prices, especially for PB fines due to ample supply, iron ore with low alumina content and iron ore lumps which are not with large stocks will continue to see strong favors from mills.
Transactions concluded in northern ports are mainly mainstream iron ore resources. PB fines is heard trade at RMB485/tonne in Hebei, Jimblebar fines at RMB430/tonne; for East China market, PB fines is traded at RMB467/tonne and Newman fines at RMB495/tonne. Transaction volumes are not as strong as yesterday along with a marked decline in Yangtze River regions. Spot transactions are expected to remain strong in the near term due to the weakening Chinese yuan, while market prices are not likely to move up by a large margin.
Seaborne iron ore market also improves on the larger-scale environmental protection control, in tandem with pickup in swaps market. Two cargoes of Brazilian iron ore are heard trade at GlobalORE platform, with IOCJ trading rallying to US$72.8/dmt. Yet offers and bids for iron ore lumps are not active today.
Sources:XINDE MARINE NEWS
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