Morning offers of traders dropped slightly by RMB5-10/tonne today. Some large-sized traders see obvious desire to deliver cargos and opined that market prices are likely to fall further. Following market trend is not clear under largely fluctuating futures market prices. Moreover, steel mills are not active to make purchases in recent days.
Market Transactions: Spot market remains flat and transaction prices climb down compared with that of yesterday. Transaction prices have seen continuous decline in recent days and steel mills witness weak purchasing desire. Market transactions are mainly dominated by middle grade resources. Transaction prices of low grade fines keep firm, lumps prices fall at a rapid pace.
Market Supply-demand: Small traders were active to make enquiries in Shandong this morning and focus on non-mainstream cargos. Large-sized traders focus on mainstream middle & high resources. Market prices remain weak. Steel mills still wait for further market changes and are not eager to purchase. Spot market prices are likely to decrease further in the following days.
Sources:XINDE MARINE NEWS
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