Morning offers of spot resources climbed up by RMB10-15/tonne today, with obvious growth on mainstream middle and high grade fines. Demand for mainstream high grade lumps is growing influenced by rising demand. Transaction prices start to climb up gradually. Traders begin to lift the prices influenced by demand and other favorable factors.
Market Transactions: Iron ore spot market sees fair performance today and transaction prices go up. Traders raised their own resources offers due to favorable news before the noon, leading to wait-and-see attitude from many steel mills. Transactions still focus on mainstream middle and high grade fines. Lumps and pellet transactions remain sluggish.
Market Supply and Demand: Iron ore stocks of many steelmakers at present basically maintain a normal level. Partial small steelmakers have a low stock and have purchasing plan. Port evacuations increase in recent days and iron ore stocks at major ports fall to some extent. Even mainstream middle and high grade fines are in shortage at partial ports and steel mills are active to make purchases, which also pushes up spot market prices.
Sources:XINDE MARINE NEWS
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