China’s imported iron ore market remains buoyant. After a downward fluctuation in futures market in early morning, iron ore futures show signs of moving upwards. Boosted by bullish steel market and shored up by production control, iron ore prices are to improve slightly. Iron ore lumps and pellets have seen a larger increase in individual regions and traders have strong desire to boost sales. Steel mills stock up when necessary. The continuous rainy weather also in part weighs down transaction. Influenced by strengthened steel prices and futures market, steel mills extend marked buying interest for medium and high grade iron ore resources, in particular lumps and pellet in Tangshan owing to sintering restriction. PB fines traded at RMB468/tonne in Tangshan and S. African lumps heard trade at RMB760/tonne; PB fines was traded at RMB465/tonne in Shandong, PB lumps at RMB645/tonne and Jimblebar fines at RMB425/tonne.
Seaborne iron ore market edges up slightly while remains inactive. Traders hold quotations firm and are not eager to undersell.