China’s imported iron ore market remains stable amid price increase in individual grades of iron ore but negotiable. Traders show strong desire to deliver while steel mills tend to wait and see on Monday. It is learnt current iron ore profits remain low and any unfavorable fundamental factors causing price decline may lead to losses. Steel profits albeit stay high are not likely to push up raw materials prices by a large margin. Iron ore market is still face oversupply. PB fines were heard to trade higher at RMB495/tonne in Shandong and SSF at RMB310/tonne; PB fines and SSF were sold at RMB510/tonne and RMB310/tonne respectively in Tangshan. Total trades at dockside are lower than last week, along with a price rise of RMB3-5/tonne.
Sources:XINDE MARINE NEWS
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