China’s spot iron ore market remained stable with large bargaining room affected by the weak futures market today. In Shandong, PB fines, Newman fines and Ukrainian concentrate quoted at RMB500/tonne, RMB515/tonne and RMB750/tonne respectively. While in Tangshan, PB fines and low-aluminum MAC fines offered at RMBRMB515/tonne and RMB498/tonne.
Traders said that the transactions was slack today as steel mills’ tepid procurement sentiment. Only a small number of steel mills were in on-demand procurement with the trading prices dropped slightly. As learnt from the steel mills, they will keep wait-and-see toward the upcoming market affected by the declined rebar and billet prices, which have affected the buying prices of raw materials. As for the later market, it will be heavily affected by the macro policies. If the weather condition turns bad, the production curb policies will become more stricter, which depress iron ore prices accordingly. In a short term, it is expected to shock at the level of RMB490/tonne.
Sources:XINDE MARINE NEWS
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