China’s imported iron ore market edges lower as buying interest weakens. The escalation of production control in some regions of Tangshan continues to curb demand for iron ore. Steel market lacks upside strength, hard to shore up iron ore market. Traders are actively offering while steel mills are in cautious stance except individual mills who need to stock up to sustain production. Spot iron ore market is quiet due to bearish views on the coming market. PB fines are mainly traded at RMB498/tonne or so in Shandong and Jimblebar fines at RMB450/tonne in versus of PB fines at RMB508/tonne in Tangshan, all showing a slight decline of RMB3-5/tonne from a day earlier.
Seaborne iron ore market remains weak today with seaborne cargoes transaction concluded lower. Influenced by price spread between seaborne and dockside iron ore trades and China’s stricter production restriction, iron ore market is expected to extend narrow fluctuation.
Sources:XINDE MARINE NEWS
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