Morning offers of traders climbed down by RMB10-15/tonne today. Some large traders have obvious desire to deliver cargos under sluggish spot market sentiment. Steel mills are very active to make enquiries, while their purchases remain at a normal level.
Market Transactions: Spot market sees weak performance and steel mills are willing to make purchases. They aim to depress market prices. It’s learnt that spot market transactions focus on middle & high grade fines. Specifically, PB fines and Jimblebar fines transactions remain good. Many traders scramble to deliver cargos to avoid potential risks and thus spot market prices fall largely.
Market Supply and Demand: Steel mills’ iron ore demand has not surged as expected. Moreover, steel mills take wait-and-see attitude towards the following market under continuously weakening spot and futures market. Many small traders stop their own resources sales influenced by cost pressures, waiting for further market signs.
Sources:XINDE MARINE NEWS
Sources:XINDE MARINE NEWS
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