Traders were playing waiting games this morning and submitted late offers, with the offers mainly stable. Some small traders still have obvious desire to deliver cargos. However, steel mills’ purchasing desire for iron ore weakens under weak demand.
Market transactions: Iron ore spot market sees fair performance today and transactions focus on middle & high grade cargos. It’s learnt that steel mills in some regions of Tangshan, Tianjin, Handan and Shanxi raise their usage of lumps, driving up transaction prices of mainstream lumps in recent days. Price gap between iron ore fines and lumps increases to RMB115/tonne.
Market supply-demand: Market transactions stand fair in recent days and mainstream low grade iron ore transaction volume starts to climb up. Most steel mills express that current price gap between FB and SSF are pegged at RMB25/tonne or so. Price performance of FB fines gains ground gradually. Moreover, steel product prices fell obviously previously and profits of steel mills edge down. Capital flow tightens and steel mills start to use low grade resources to reduce the cost.
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