Iron ore spot market offers go up obviously today, with prices rising by RMB10-15/tonne at major ports. Traders show desire to lift the prices influenced by soaring futures prices and continuous growth in billet prices. Steel mills are active to make enquiries and spot market transactions stood fair before the noon and most hold wait-and-see attitude in the afternoon. Transaction prices of PB fines stay at RMB475/tonne and RMB470/tonne respectively at ports Tangshan and Shandong.
Spot market enquiries remain fair and brisk transactions are mainly witnessed at ports Tangshan and Shandong. Overall market transactions keep unfavorable in northeast and ports along the Yangtze River. Spot market transactions focus on mainstream middle and high grade fines and lumps transactions stay sluggish influenced by poor demand.
Partial small traders see obvious desire to deliver cargos as there is profit due to the low purchasing prices of mainstream cargos last week. Market participants are waiting for further market changes. Some middle and large traders expressed that spot market prices face further upward momentum supported by rising steel product prices and market demand.
Sources:XINDE MARINE NEWS
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