China’s imported iron ore market extends upward trend on sentiment. Traders continue to hold up quotations following favorable transactions yesterday, both in volumes and prices. In light of inquiries, steel mills are not very acceptable for the high prices, only some small-sized steel mills replenish to sustain production; large-sized mills with long term contracts tend to wait and watch. Today’s transaction volumes increase from yesterday while portside market is not that active, and the trades are mainly between traders. PB fines were traded at RMB495/tonne or so in Shandong with a slight increase and PB lumps at RMB655-660/tonne, leveling off from a day earlier. Iron ore market is likely to stay robust with shrinking supply of medium and high grade resources. Besides, environmental protection policies offer support for steel and raw materials prices, boosting iron ore prices in the same time.
Sources:XINDE MARINE NEWS
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