The quotation of imported iron ore remains unchanged in the morning. Steel mills hold wait-and-see attitude after replenishment in this week. Currently, iron ore lump price in Shandong is higher than that of Tangshan with favorable demand and some steel mills have inquired high-grade pellet today. Steel mills were cautious for the procurement affected by the production control policy for environmental protection and the willingness to increase iron ore procurement has not been seen.
China’s iron ore spot market kept normal transactions due to the production control policy, market price and the approaching of weekends. Steel mills are mainly buying medium and high grade ore. By specification, the trading volume of PB lump went up and most of the trades were made at North port. Generally, Tangshan port and Shandong port take a large proportion of market share.
Demand of steel mills remain weak due to the adequate stocks currently, while the port stocks of iron ore are at a high level with high shipment pressure of Australian fines. As the market prices is fluctuating, small traders start to turn wait-and-see toward the market, while large traders keep sales depend on the market with high profits.
Sources:XINDE MARINE NEWS
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