China's spot iron ore prices at ports edged downwards as the pessimistic attitude dominated among market players. Steel mills’ inquiry is not active. Spot price for 61.5%-Fe PB fines is set at RMB463/wmt at Qingdao Port, including RMB35/tonne port charge and 17% VAT.
China’s spot iron ore market continued the downtrend today as mainstream ore price has room for decline. Seen from the transaction volume, BHP resources saw better transactions, especially the MAC resource. As for the mainstream low-grade ore, transactions remained normal with SSF fines price depressed by FB fines apparently. While transactions of pellet still stayed weak with little steel mills willing to procure.
Affected by the tepid transactions of spot market and declining futures market, the pessimistic atmosphere is spreading among iron ore market. Partial traders expressed that in order to avoid the risks of China’s iron ore spot market, they hold the willing to ship at a low price. While steel mills said to remain normal procurement to meet the spot supplies as there are so many uncertain factors in the market.
Sources:XINDE MARINE NEWS
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