China’s imported iron ore market gradually stabilizes as the speculation on news about stricter production control in Tangshan fades. Traders are keen to sales amid steel mills’ regular procurement; port trades remain more active as compared with seaborne market due to price gap between port stocks and seaborne cargoes. Steel mills in Tangshan still have strong preference for high grade iron ore in a bid to maximize production under the backdrop of production restriction.
PB fines are traded at RMB520/tonne or so in Tangshan, Newman lumps at RMB690/tonne. Iron ore futures market dives in the afternoon, enhancing uncertainty on the coming market, thus steel mills have stronger sentiment to wait and see. PB fines are sold at RMB505/tonne and SSF at RMB315/tonne in the afternoon. Iron ore market is likely to continue the fluctuation and meanwhile the environmental production control will help shore up iron ore prices.
Sources:XINDE MARINE NEWS
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