The iron ore futures market shocked at a small range today. Affected by the night futures market, traders quotations of iron ore spot market remained unchanged in the morning. About RMB3-5/tonne increases saw among the traders, while it was not accepted by the steel mills seen from the transaction volumes. Traders expressed that most of the transactions are medium and high grade ores and a small number of steel mills gave responses to the low grade resources. Steel mills said that only when the price is favorable, they will replenish the stocks as the rest iron ores could ensure the normal production currently. For the scarce resource, they may start procurement when hike signals saw in iron ore prices.
In Shandong, PB fines, MAC fines and Newman fines were traded at RMB480/tonne, RMB465/tonne and RMB688/tonne. In Tangshan, prices of Jimblebar fines, PB fines, PB lumps, Carajas fines and SSF settled at RMB453/tonne, RMB506/tonne, RMB675/tonne, RMB755/tonne and RMB305/tonne respectively. Generally, transaction volume is normal with stable procurement sentiment of steel mills as the weekend is coming.
Sources:XINDE MARINE NEWS
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