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Chinese Iron and Steel prices on August 9,2018


China’s imported iron ore market gradually stabilize after unexpected rally in the past two days. Traders continue to hold quotations firm owing to favorable transaction recently. Iron ore futures closes lower, while traders reckon there’s limited influence on port stock trading. Steel mills are active in enquiry and present strong desire to depress purchase prices, while traders are optimistic towards the forthcoming market thus reluctant to undersell. Transactions weaken slightly today with trading prices robust. Jimblebar fines, Yandi fines and MAC fines see slight increases in trading prices on demand, as many mills tend to use them to replace some PB fines due to cost effective. PB fines heard to trade at RMB495/tonne in Shandong, Jimblebar fines at RMB450/tonne; while PB fines and Jimblebar fines were respectively traded at RMB505/tonne and RMB448/tonne in Tangshan. Iron ore market is likely to extend stability in the near term shored up by demand for medium and high grade iron ore resources and steel mills’ favor for some iron ore products.
 
Sources:XINDE MARINE NEWS

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