China's spot iron ore prices at ports stay unchanged mainly today. Influenced by slack futures market, most mills are in wait-and-see mode and traders are not eager for procurement; Steel mills’ inquiry is not active so far. Spot price for 61.5%-Fe PB fines is set at RMB463/wmt at Qingdao Port, including RMB35/tonne port charge and 17% VAT.
Spot trading remained tepid as compared with yesterday. Medium and high-grade ore prices kept the downtrend and PB fines traded at RMB458/wmt at Tangshan port, leveling off compared with that for Shandong port. Lumps and pellet prices witnessed fluctuation at the high level without the release of market demand.
As for transactions, most steel mills hold bearish sentiment to the coming market and they pressed the price down apparently. However, traders believed that the high stocks of steel mills as well as the increasing arrivals of iron ore will push the price downward. Generally, China’s iron ore market saw weak demand today as downstream users have strong sentiment for depressing the price.
Sources:XINDE MARINE NEWS
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