Morning offers of traders rose by a small margin of RMB5-10/tonne today. Specifically, mainstream fines showed obvious growth. Many traders start to take a wait-and-see attitude towards the following market and show no obvious desire to deliver cargos. Market demand is hard to increase under production limitation and reduction measures. Steel mills focus on resources enquiries.
Market transactions: Steel mills and traders are not very willing to make purchases under diving spot market prices last week. Some small traders are willing to deliver cargos under cost pressures in Shandong. Market prices have not seen obvious improvement. Specifically, PB lump and IOCJ prices stand at RMB575/tonne and RMB580/tonne respectively at Tangshan and Shandong.
Market supply & demand: Both market supply and demand remains weak recently. Partial traders thought that spot market prices have dropped beyond the expectation. Market demand is predicted to grow and prices will climb up. Many traders take wait-and-see attitude towards market price growth and prices are predicted to sustain corrections in the short term.
Sources:XINDE MARINE NEWS
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