Morning offers of spot market mainly held stable today. Supported by better futures and derivative market, some traders submitted late quotations and mainly held wait-and-see attitude. A few traders lift their offers by RMB10/tonne. Iron ore spot stocks of steel mills could ensure normal production under growing prices and they show no obvious purchasing desire.
Iron ore spot market sees flat performance today and transactions focus on MNP resources. MAC fines transactions go up. Market transactions stay brisk at Shandong and Tangshan ports, while the spot market seems slack at ports along the Yangtze River.
Traders and steel mills are playing waiting games. On the one hand, market prices stay strong. On the other hand, iron ore demand of steel mills shows small amount. Large traders deliver cargos as planned to ensure profits, with small negotiation room for prices. Small traders have flat cargo shipments given high prices. They have different attitude towards the following market.
Sources:XINDE MARINE NEWS
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