Imported iron ore market remained firm in the morning and most traders were inclined to raise quotations for mainstream iron ore lumps shored up by buoyant futures market and strong demand; individual traders were eager to boost sales but concluded slim transaction hindered by cost and demand. Steel mills showed no obvious procurement plan albeit steel mills in North China were active in inquiring high grade iron ore lumps.
Transactions turned out acceptable, focusing on Bohai-rim ports, while transaction in Shandong and Yangtze River ports was slack. Seen from products, high grade iron ore lumps and iron ore resources from BHP Billiton sold well, and PB fines transaction slowed from previous time, in particular Shandong ports as a result of steel mills’ depressing prices. PB fines at Tangshan ports traded at RMB462-465/tonne in Tangshan ports, IOCJ traded at RMB635/tonne in a Shandong port.
Currently, traders are bullish on the high grade iron ore market in the near term in light of strong demand and production control in some northern regions caused by unfavorable weather. Steel mills also believe that demand for spot market will remain stable, while they tend to sustain regular procurement.
Sources:XINDE MARINE NEWS
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