Iron ore spot market shows flat performance today. Most traders are bearish towards the following market influenced by falling spot market transactions and futures market. They start to sell their own iron ore cargos. Iron ore spot market prices decreased by RMB5-10/tonne this morning, while overall market prices remain at a high level. Steel mills mainly take a wait-and-see attitude towards purchases and show no desire to purchase at a large amount.
Iron ore spot market transactions also stand flat and transaction prices climb down, with small margins. Market prices maintain a high level influenced by demand of steel mills and few available resources at ports. On the other hand, steel mills have not made purchases intensively this week and transaction volume has not increased. Iron ore stocks still stand at a high level, which will place pressures on the following market. Transactions mainly focus on mainstream middle and high grade fines. Mainstream lump transactions have improved, but remain at a low level. Moreover, pellet transactions stay unfavorable.
Sources:XINDE MARINE NEWS
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