China’s imported iron ore market was relatively stable. Futures market at DCE rose slightly while steel mills were not willing to accept the price hike, thus a few transactions were concluded. PB fines were traded at RMB453/tonne in Tangshan and Newman fines at RMB480/tonne or so. PB fines were traded between RMB447-450/tonne in Shandong region. Brazilian resources continued to see price increase recently and the seaborne market prices stayed higher than spot prices, thus spot resources would be tight in the near term.
Seaborne market dipped slightly due to a shrinking demand at downstream market. Medium grade iron ore fines are likely to move down further. Tender of PB fines called by Rio Tinto concluded slightly lower at US$62.51/dmt, while Carajas fines saw transaction prices continue to move up.
Sources:XINDE MARINE NEWS
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