Morning offers of traders saw obvious decline today. Mainstream cargo prices drop by RMB10-15/tonne due to unfavorable demand. Spot market cargo shipments are blocked in recent days. Traders are generally bearish towards the following market under diving futures market prices and some start to undersell their cargos.
Market transactions: Spot market enquiries and offers stand brisk. However, steel mills have no obvious purchasing desire under continuously falling futures prices. Transaction prices climb down by RMB10-20/tonne and deals focus on middle and high grade fiens. Low grade fines and lumps transactions keep slack. Transaction prices of PB fines and FB fines stand at RMB440/tonne and RMB305/tonne, down by RMB33/tonne and RMB18/tonne respectively at port Tangshan.
Market supply and demand: Overall market supply & demand keeps weak and some traders start to undersell cargos under falling futures prices and demand. Moreover, billet prices decrease largely by RMB140/tonne in north China today and most market participants wait for further market changes.
Sources:XINDE MARINE NEWS
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