Imported iron ore market remained firm today. Influenced by the downward trend of iron and steel futures market, steel mills are in cautious stance in procurement, mainly digesting inventories. Traders were eager to sell and the continuous rainy weather has to some extent affected market sentiment.
Transaction turned out flat today and there’s still large difference in iron ore varieties. Low alumina Brazilian iron roe resources and iron ore lumps gained steel mills’ preference, and transactions were concluded among mainstream resources.
Influenced by the trade war, futures market will continue to remain volatile in the near term. Steel mills with good profits will put emphasis on increase production and improve efficiency, thus it is acceptable for a RMB3-5/tonne rise in iron ore price.
Sources:XINDE MARINE NEWS
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