China’s imported iron ore market is in buoyancy in tandem with marked increase in iron ore futures market at Dalian Commodity Exchange. The production control albeit hinders some demand, while rumors about a decline of Rio Tinto’s shipment in Aug help shore up market sentiment. Spot transactions at ports remained active in late last week. Traders hike medium and high grade iron ore quotations by RMB15-20/tonne, while low grade resources see narrower increases. In contrast of traders’ bullish sentiment, steel mills are cautious in procurement, tending to wait and see. If the prices remain robust, they will have to stock up. The transactions made today are mostly between traders. PB fines were heard trade at RMB490-495/tonne and IOCJ traded at RMB750/tonne. The market has to a larger extent influenced by policies and thereby sees much uncertainty. The production control is considered as a new normal and if downstream demand remains strong, sales prices of iron ore will be propped up.
Sources:XINDE MARINE NEWS
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