Morning offers of spot market resources basically held steady today. Some traders lift their offers for mainstream middle and high grade fines supported by strengthening futures market. Overall market demand remains fair and transactions in major ports have improved compared with that of yesterday. Specifically, lumps transactions show obvious upturn.
Market transaction: Iron ore spot market stands brisk today and cargos are mainly concentrated in regions of Tangshan, Tianjin and regions of Shandong and Shanxi. Transactions are mainly witnessed in northern major ports of Tangshan and Shandong, focusing on high and middle grade fines. Transaction prices and volumes of mainstream lumps start to rebound supported by market demand. Transaction prices of PB fines stay at RMB450/tonne and RMB445/tonne in Tangshan and Shandong ports.
Market supply and demand: Iron ore spot market has kept sluggish in recent days. Iron ore market is improving under better cargo shipments of finished steel products and growing futures market. Moreover, partial small traders are bullish towards the following market in ports of Shandong and their stock replenishment increases, which drives up transaction volume and prices.
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