China’s imported iron ore market was stable in the morning along with narrow fluctuation in futures market. Currently, PB fines prices saw a narrow price gap with MAC fines due to high stocks. Traders expressed that most steel mills preferred to mainstream iron ore resources in production, while the high stocks exerted large pressure to traders. In the light of production control, partial mills tended to digest inventories, and might sell partial seaborne cargoes if arriving later, which were expected to weigh on traders.
Overall transaction was flat on Monday due to wait-and-see attitude among steel mills. Transaction prices of Brazilian resources continued to move up recently, with Carajas fines traded at RMB688/tonne in Shandong. Low grade SSF was traded at RMB280/tonne or so, unchanged with earlier. The production control will continue to curb demand for iron ore, while iron ore supply sees no large decline, which may lead to fluctuation in iron ore market in the later stage.
Seaborne iron ore market was not active in spite of slight rise in iron ore derivatives market. The iron ore trading platform was relatively quiet today.
Sources:XINDE MARINE NEWS
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