China’s iron ore futures market shocked in strong trend today. As a result, the spot price at port remained unchanged in the morning compared with that of yesterday and prices of partial specifications went up by RMB3-5/wmt. Quotes of Brazilian resources with low aluminum stayed high with a little room for bargain. However, traders have strong will to firm up prices due to the tight supply. Besides, steel mills are interested in low-aluminum iron ore resources due to the high profits, followed by the relative high Australian iron ore stocks.
Traders were active in offer and shipment in the morning, but remained wait-and-see attitude for buyers. The trading price of PB fines, PB lump and MAC fines are RMB450/wmt, RMB635/wmt and RMB440/wmt in Shandong. Affected by the production limitation news in Tangshan, steel mills are cautious for the procurement. In Xuzhou, the date of production resumption is pending now. Added by the strict environmental protection along with the Yangtze River, the iron ore price is predicted to go down further.
Sources:XINDE MARINE NEWS
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