Morning offers of spot resources basically held stable today and some traders were bullish towards the coming market, raising their offers by RMB5-10/tonne. Steel mills make purchases as planned and their iron ore demand focuses on mainstream resources.
Iron ore spot market seems slack today and traders'morning offers hold stable at a high level or some rise slightly. Spot market moves along with futures and derivatives market. Futures market prices fall back after hitting the high level and thus most steel mills start to take wait-and-see attitude. Newman lumps transactions turn strong at ports of Tangshan and Tianjin supported by market demand. Newman lumps prices climb up. MNP transaction volume shows the fastest growth. And PB fines transactions also stand at a high level.
Iron ore spot market sees a sharp downturn this afternoon influenced by futures market and demand dives. Both spot market supply and demand stand weak and many traders are playing the waiting games for the following market. Traders deliver cargos based on real market changes.
Sources:XINDE MARINE NEWS
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