Iron ore spot market shows fair performance today. Most traders hold their offers at the same level as that of yesterday supported by transactions and futures market yesterday. Partial traders raise their quotations for mainstream cargos by RMB5/tonne. Steel mills hold strong wait-and-see attitude towards the iron ore spot market and thought that spot market prices stay high, with small negotiations in individual ports of north China.
Market cost remains fair today and transaction volume climbs down compared with that of yesterday. Transaction prices of mainstream middle & high grade cargos maintain steadiness. Prices of partial cargos fall by RMB2-3/tonne. Steel mills have made frequent purchases recently, focusing at the ports of Tangshan and Shandong. Transactions at ports along Yangtze river and Tianjin are unfavorable. Major transactions focus on mainstream Australian fines, while Brazilian cargos and non-mainstream resources see sluggish transactions. PB fines are traded at RMB477/tonne and RMB470/tonne respectively at ports Tangshan and Shandong.
Most large-sized traders focus on cargo shipments and reduce their own stocks. A few small traders start to raise their stocks and have quick deliveries. Traders generally hold wait and see attitude towards the following market and thought that market demand and policies are major factors to affect the market trend. Steel mills said that current iron ore port stocks maintain a high level and are easy to purchase. They will make purchases based on profits of steel products.
Sources:XINDE MARINE NEWS
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