China's spot iron ore prices at ports remain firm. Traders show some desire to boost sales in the light of slim transaction. Steel mills tend to wait and see owing to large fluctuation of iron ore prices recently and are inclined to digest inventories.
Albeit traders are eager to sell, today’s transaction is not active. Mainstream iron ore resources see some transaction while non-mainstream and high Si resources are in dull sales. Newman lumps heard trade at RMB590/tonne in Tangshan and PB fines at RMB460/tonne. Influenced by robust futures market and shored up by fundamentals, partial traders tend to hold up prices.
Spot iron ore market is hard to see large fluctuation in the near term due to stable supply and demand relationship. Driven by derivatives market, seaborne iron ore market edges up slightly. BRBF traded relatively high at US$69.6/dmt today. It is learnt that albeit domestic iron ore concentrate outputs show no marked increase, imported iron ore concentrate has limited upside room due to slack demand.
Sources:XINDE MARINE NEWS
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