Morning offers of traders stayed brisk and climbed up by RMB5-10/tonne today. Most traders show obvious desire to deliver cargos and steel mills witness strong wait-and-see attitude during the first working day. They generally make stock replenishment based on their own demand.
Market enquiries started to be brisk supported by rising steel product prices, futures and derivatives market. Steel mills have obvious purchasing desire for mainstream middle and high grade resources. Market transactions focus on mainstream middle and high grade fines. Lumps and pellets see no improvement. Specifically, market demand of mainstream low grade cargos like SSF turns better compared with that before the holiday. Overall market transactions have not jumped.
Traders are willing to deliver cargos, while they also have strong desire to raise spot market prices. Enquiries of steel mills focus on mainstream cargos and they are not so desire to purchase non-mainstream cargos. Most traders expressed that iron ore stocks are bound to stand at a low level after the consumption of steel mills during the holiday. Moreover, cargo shipments of steel products are improving in recent days and stock replenishment demand might jump in the short term. However, steel mills thought that their purchases will keep at a normal level.
Sources:XINDE MARINE NEWS
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