Morning offers of traders edged up by RMB5-10/tonne today, with the obvious growth in mainstream lumps. Market transaction volume is underpinned under growing transaction prices yesterday. Most traders are willing to deliver cargos.
Market Transaction: Iron ore spot market sees flat performance today and transaction prices climb up by RMB5/tonne. Spot market transactions still focus on high grade resources. Transactions of low grade resources and lumps stand unfavorable. Enquiries of steel mills stay fair, while real purchases edge down compared with that of yesterday.
Market Supply and Demand: It’s learnt that all steel mills will stop production in Wu’an in recent days and the date of production resumption is on Mar 31, 2018, which is very unfavorable news for iron ore market. Local steel mills basically focus on spot resources purchases in Wu’an and the long-term production suspension will lead to sharp decline of spot market demand. Especially, ports in Shandong will be heavily affected. Traders are on the fence for the coming market, which will be obviously affected by policies.
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