China's imported iron ore market edged down in the morning due to retreat in yesterday overnight futures market. Iron ore futures at DCE hovered at RMB455/tonne today along with narrow vibration, and traders expressed they would adjust prices based on market movement. Partial mills suspended production or controlled production owing to the environmental protection inspection, thereby hindering procurement. As a result spot market remained not active. Steel mills mainly stock up mainstream iron ore and put emphasis on increasing output of melted iron. With tight supply of Brazilian iron ore resources, some mills began to purchase low alumina S. African resources.
MNP fines and some low alumina resources were favored by steel mills. PB fines were traded at RMB447/tonne in Shandong, down by RMB3-5/tonne. Inner land ports were relatively quiet as compared from coastal ports.
Sources:XINDE MARINE NEWS
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