China’s iron ore futures market followed the fluctuated trend today with spot quotations of traders remaining unchanged from the previous day. While the transaction volume has dropped slightly today. Traders were active in offering, but inquiries of steel mills decreased with wait-and-see sentiment. Partial steel mills expressed that their stocks may maintain around 20 days usage and no procurement plan currently. Although affected by the production control policy in Tangshan, the local steel mills believed it has limited influences on spot market which is shored up by the exchange rate.
Generally speaking, the transactions remained weak. Specifically, prices of Newman fines and FB fines were quoted at RMB480/wmt and RMB350-353/wmt in Shandong. In Tangshan, prices of PB fines, PB lump and Jimblebar fines settled at RMB475/wmt, RMB635/wmt and RMB425/wmt. While in Tianjin, quotations of PB fines, Newman lump and SSF were RMB495/wmt, RMB675/wmt and RMB305/wmt. As predicted, the upcoming iron ore market is to keep consolidation at the low level and there’s no favorable sectors for bull market.
Sources:XINDE MARINE NEWS
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