China's spot iron ore prices at ports stay stable. Traders have certain desire to boost sales due to weak fundamentals. Many steel mills generally sustained normal procurement.
Iron ore trading today remained slim in spite of many inquiries. Trading prices edged lower from a day earlier, in particular those concluded at Shandong ports. Transactions mainly made for high grade iron ore fines, non-mainstream iron ore fines and iron ore pellets saw dull sales.
Traders and steel mills were mainly in wait-and-watch attitude. Steel mills’ inventories were ample to sustain production and iron ore stocks at ports were in a tight balance. Some traders stocked up previously, while they focused on delivery as the market prices moved down.
Seaborne markets showed flat performance today. Rio Tinto traded a cargo of PB fines with slightly higher price in tandem with pickup in derivatives market.
Sources:XINDE MARINE NEWS
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