China’s imported iron ore spot prices remained changed in the morning affected by the strong futures market. Prices of partial specifications increased by RMB5/tonne. In Shandong, prices of Newman fine, Ukraine concentrate fines, PB fines, South African lump and MAC fines settled at RMB520/tonne, RMB760/tonne, RMB495/tonne, RMB720/tonne and RMB475/tonne separately. While those for PB lump, Jimblebar fines and Yandi fines in Tangshan were RMB700/tonne, RMB460/tonne, RMB470/tonne respectively.
Traders expressed favorable transactions today. Steel mills started buying resources as futures market decreased at 10:00 am. While affected by the dropping futures market in the afternoon, trading volume reduced slightly. Steel mills remained on-demand procurement and have strong willing in buying lump and pellet at present. In Shandong, PB fines, Newman lump and SSF traded at RMB480/tonne, RMB700/tonen and RMB303/tonne today. As for Tangshan, prices of PB fines, BRBF and SSF were RMB509/tonne, RMB540/tonne and RMB305/tonne respectively. Influenced by the production control, steel mills have increasing demand for lump and pellet recently. However, due to the low stock currently, prices of lump and pellet have jumped up. While inventories of Brazilian resources go up recently, leading to the price drop compared with previously.
Sources:XINDE MARINE NEWS
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