Moring offers of spot market cargos held stable today and some traders had desire to deliver the cargos under rising futures prices previously. Steel mills are active to make purchases today and market transactions climb up compared with that of yesterday.
Market Transactions: Iron ore spot market has kept sluggish recently. Spot market prices show fluctuations influenced by production reduction measures and futures market. Both traders and steel mills are waiting for further market signs. Market transaction volume has been affected. Iron ore transactions still focus on mainstream middle and high resources and market participants have strong desire to lift low grade ore prices.
Market Supply and Demand: Middle and high grade resources are in shortage at ports in recent days. Moreover, futures market prices fluctuate frequently and thus purchasing plan of steel mills is not optimistic. Facing the coming weekend, steel mills need to finish the purchasing target, resulting in growing market transactions. Individual steel mills adjust their proportioning given the profits. Middle and high grade ore usage have seen obvious growth and steel mills expressed that the following market prices are predicted to sustain fluctuations in the short term.
Sources:XINDE MARINE NEWS
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