China's spot iron ore prices at ports stay stable. Partial traders are tend to boost sales due to cost pressure, while most traders are still in wait-and-watch mode. Steel mills albeit have low buying interest and have some inquiries for mainstream iron ore resources.
Spot trading is flat today, with medium and high grade iron ore fines sold well; non-mainstream iron ore fines take less market share and transaction of Newman lumps improves by a large margin. Influenced by Shanghai Cooperation Qingdao Summit, local demand decreases, leading to lower trades. PB fines are mainly traded at RMB455/tonne.
Steel mills are not active in procurement and partial trading companies affiliated to mills tend to sell iron ore resources. Traders have lost confidence in the coming market in light of low transaction and high stocks at ports.
Sources:XINDE MARINE NEWS
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