Affected by the Dalian Commodity Exchange, China’s spot iron ore market increased by RMB5-8/tonne in the morning compared with that of yesterday. Steel mills remain wait-and-see attitude with the weekend approaching. Steel mills expressed that they are focusing on the steel production for the high profits currently and they can accept the increase of raw material cost of around RMB20-30/tonne. For the steel mills’ profit, it has saw significant increases since Apr. Some people in steel mill believed that the profit might be drop slightly on a yearly basis. Traders are active in quotes today but the transactions remain normal affected by the weak procurement of steel mills.
The lump premium has reached a new high with the bidding fixed premium of PB lump up to US$0.3175/dmt. Besides, PB fines price fluctuated uptrend and the iron ore prices have picked up affected by the strong downstream steel prices. Carajas fines quoted at US$93/dmt today, while the buyer depressed it to US$91.8/dmt. However, there is no trade being done finally. Recently, BHP has increased the proportion of spot ores, leading to the growing number of inquiries and offers at platforms.
Sources:XINDE MARINE NEWS
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