Iron ore spot market is largely influenced by futures and derivatives today and the futures market prices saw downward trend. Most traders had obvious desire to deliver their cargos and reduced their quotations by RMB5-10/tonne. However, afterward futures prices start to strengthen gradually and then traders change their quotations. Most steel mills choose to play waiting games for the following spot market and some small steel mills are willing to replenish their stocks. Their purchases focus on mainstream cargos.
Iron ore spot market seems slack and steel mills witness obvious purchasing desire, with strong wait-and-see attitude. Market transactions focus on mainstream middle and high grade resources. Major transactions are witnessed at major ports of north China. Purchases from steel mills in northeast and along the Yangtze river stand unfavorable. Mainstream resources like low grade FB fines see fair transactions, while SSF transactions keep slack.
Stocks of most steel mills grow obviously supported by continuous purchases in recent days. Iron ore demand is hard to get substantial growth. Market transactions are mainly witnessed among middle and small-sized traders. Iron ore prices are expected to sustain corrections recently, while spot market transactions face great difficulties in large upturn.
Sources:XINDE MARINE NEWS
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