China’s imported iron ore market was reined by wait-and-see attitude. Traders were cautious in quoting in spite of marked price hike last Friday, trading remained slim. Some traders in Shandong raised quotations by RMB10/tonne. The production restriction in Changzhou, Jiangsu province is expected to curb 2-3% crude steel output of China’s total, which will in part shore up steel prices in the near term.
Traders expressed iron ore prices jumped by a larger extent while the transaction volumes were not high. The tentative price hikes seemed not accepted by steel mills, they were in wait-and-see mode. There were some orders concluded, but focusing on low alumina resources. Steel mills tended to depress prices of mainstream iron ore fines owing to alternatives. BRBF were heard trade at RMB535/tonne in Shandong, a cargo of Indian pellet heard trade at RMB1000/tonne and PB lumps traded at RMB648/tonne. In Tangshan market, PB fines was traded at RMB482/tonne or so and IOCJ traded at RMB720/tonne. Low grade iron ore prices saw limited increase and high grade iron ore remained robust.
Seaborne iron ore market was relatively quiet today, with only a cargo of PB fines traded at US$65.51/dmt, last deal traded at US$65.66/dmt.
Sources:XINDE MARINE NEWS
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