Backed up by pickup in spot trade yesterday and buoyant futures market, traders held prices firm amid upside room for some mainstream resources. The large fluctuation in futures market during intraday trading triggered stronger wait-and-see mode among traders. Partial small-sized traders were inclined to boost sales.
Iron ore transaction turned out weaker than yesterday, mainly concentrated on mainstream resources. Iron ore resources originated from BHP Billiton saw improved sales recently; iron ore lumps eyed increased trades, while low grade iron ore resources such as SSF and western fines were not sold well.
Influenced by wide consolidation of imported iron ore market, PB fines were traded at RMB450/tonne. Some traders were eager to deliver owing to bearish outlook. High stocks at ports coupled with the production restriction in Shandong province due to Shanghai Cooperation Organization Qingdao Summit will to some extend weigh down iron ore demand. Iron ore transactions were mainly concluded in Bohai-rim ports.
Seaborne iron ore market was relatively active. 3 cargoes were heard traded via trading platform with fixed prices. BRBF prices remained robust as environmental protection policy helped shore up demand of high grade iron ore. The production restriction was still strict in Yangtze River area and southern regions.
Sources:XINDE MARINE NEWS
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