China's spot iron ore market is relatively active with most traders holding prices firm. Individual traders tend to raise prices for some high grade iron ore resources; steel mills sustain normal procurement. While market activity is dampened by the weakening of futures market in the afternoon, resulting in strong wait-and-see atmosphere. Iron ore transaction is relatively good, with trading prices robust in the morning and edging down later. Transaction is mainly concentrated on high grade resources, trading volumes of FB fines and carajas fines see large increases. It is learnt from a steel mill, currently, Brazilian iron ore is favored by steel mills. PB fines heard trade at RMB466/tonne and RMB469/tonne in Tangshan ports.
Despite of retreat in futures market in the afternoon, partial traders are still bullish on the coming market, stopping quote. Individual traders are eager to sell in a bid to make profit by hedging.
Sources:XINDE MARINE NEWS
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