China’s imported iron ore market remains buoyant along with a RMB5/tonne rise in mainstream resources. Traders are bullish on the market thus tend to hold up prices as futures continue to strengthen this week. Steel mills show some buying interest and good profitability helps shore up transaction prices. PB fines heard traded at RMB465/tonne, Newman fines at RMB480/tonne in Shandong; PB fines traded at RMB475/tonne in Tangshan and SSF at RMB283/tonne.
Driven by price hike of downstream steel market and production control measures in Tangshan, iron ore market sees active sentiment. The overall supply still remains ample and demand is in part curbed by temporary environmental protection measures, thus it is hard to last long.