China’s imported iron ore market gradually stabilize in the morning amid slight increase in partial resources. Traders show strong desire to deliver especially when futures market strengthens markedly in the afternoon. Steel mills are not in a hurry to stock up and have stronger wait-and-see attitude ahead of weekend, the transactions are mainly done among traders coupled with lower volumes procured by steel mills. PB fines are traded at RMB490/tonne in Shandong and RMB510/tonne in Tangshan, edging up slightly.

Spurred by rumors that Tangshan’s production control will be implemented ahead of schedule, steel futures market strengthens remarkably along with iron ore futures at DCE and derivatives market. A cargo of PB fines sold by Rio Tinto also trades higher by US$1.08/dmt from yesterday. Other bids and offers show no large increase.

Sources:XINDE MARINE NEWS

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