China's imported iron ore market extends weakness along with bleak trade and lower prices yesterday. Tangshan market saw a narrower decrease due to production restriction. Iron and steel futures markets continue to edge downwards today, which will in part hinder market participants’ sentiment. Some traders said they are cautious in trading and tend to cash in if the prices are acceptable in order to reduce risks. Steel mills mainly stock up mainstream iron ore amid some Yandi fines and onesteel fines. High grade iron ore prices stay robust with Carajas fines has reached above RMB630/tonne, steel mills use BRBF and SFLA instead. Transactions picked up from previous days. PB fines were traded at RMB467/tonne in Shandong, Jimblebar fines at RMB440/tonne and Yandi fines at RMB405/tonne. PB fines were traded at RMB475/tonne or so, SSF at RMB286/tonne. Medium grade iron ore market is likely to improve and iron ore lumps and pellets will continue to be favored by steel mills.
Sources:XINDE MARINE NEWS
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