China's spot iron ore prices at ports stay stable. Influenced by slack futures market, most mills are in wait-and-see mode and traders are not eager to quote. Steel mills’ inquiry is not active so far. Spot price for 61.5%-Fe PB fines is set at RMB467/wmt at Qingdao Port, including RMB35/tonne port charge and 17% VAT.
Spot trading remained slack as compared with last week and steel mills held high stocks, meanwhile stocks at main ports continued mounting up, which all weighing down iron ore. Bearish sentiment reined the market along with depressing from steel mills, traders were not optimistic about the market, triggering underselling phenomenon.
Transactions focused on mainstream resources, in particular medium and low grade iron ore. High grade iron ore trades cooled. Tangshan ports and Shandong ports were faced with active trades and fierce competition, in particular Shandong port, with successive cargoes arrivals recently. PB fines are transacted at RMB457/tonne in Shandong ports and FB fines at RMB323/tonne in Tangshan ports.
Sources:XINDE MARINE NEWS
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