China’s imported iron ore market moves up to a larger extent as strengthening futures market at Dalian Commodity Exchange fuels confident. Traders’ quotations are generally increased by RMB3-8/tonne whilst steel mills are not eager to replenish ahead of holiday. PB fines heard trade at RMB483/tonne and RMB485/tonne in Tangshan and RMB476/tonne and RMB478/tonne in Shandong, slightly lower than quotations. Hindered by production restriction recently, fuel prices also moved up by a certain degree, which meanwhile shored up market prices of high grade iron ore, as using higher grade iron ore in furnace will reduce the consumption of coke. The pollution control is likely to last for a long period in Tangshan, thus iron ore demand in some region may be curbed, in particular low and medium grade iron ore fines. High grade iron ore fine and iron ore lumps will gain steel mills’ preference, leading to robust prices.
Seaborne iron ore market faced a narrow increase as compared with spot market in China as the bullish expectation has been digested previously. A cargo of BRBF for Aug 17-26 loading was traded higher at US$73.25/dmt.
Sources:XINDE MARINE NEWS
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