Morning offers of traders held stable today and partial traders were waiting for further market signs. Traders are still desire to lift mainstream middle and high grade fines prices due to the obvious shortage at ports in recent days. Steel mills are active to make purchases recently and their iron ore stocks climb up. They focus on enquiries and real transactions stand sluggish.
Market Transactions: A pessimistic attitude dominates current market influenced by continuously falling futures prices. However, spot market transaction prices are supported by the shortage of resources. Both bullish and bearish factors are witnessed among spot market. Mainstream middle and high grade fines are still favored in spot market. Transaction prices of Jimblebar fines stay at RMB380/tonne and RMB402/tonne respectively in Tangshan and Shandong.
Market Supply and Demand: Partial steel mills have raised their usage of middle & high grade fines and also low grade FB fines given profits in recent days. Mainstream resources are even sold out in some ports. Some small traders are willing to replenish their stocks in Shandong.
Sources:XINDE MARINE NEWS
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