Morning offers of traders basically held stable today, with strong wait-and-see attitude among market participants. On the one hand, steel mills are not so active to make purchases in recent days. On the other hand, futures and derivatives market sees no deals today and thus spot market transactions lack the price guidance. Steel mills are willing to purchase mainstream high grade lumps, while they also show high desire to depress the prices. Iron ore spot market stays sluggish and some large-sized traders start to stop sales. Iron ore demand of steel mills is hard to grow as steel mills have made small purchases in recent days and iron ore stocks of steel mills have been enough to maintain the normal production of steel mills during the holiday.
Traders said that steel mills’ iron ore usage is expected to increase after the holiday influenced by market demand and thus there are seldom cargo shipments at a low offer. Market transaction volume falls obviously compared with that of yesterday and transactions focus on mainstream middle and high grade fines. Lumps and pellets transaction volume is hard to climb up and prices start to fall down. Mainstream middle and high grade prices are likely to climb up due to the single demand of steel mills.
Sources:XINDE MARINE NEWS
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