China’s iron ore futures market fluctuated in a large range today. Traders’ quotation remained unchanged generally with prices of partial specifications dropped slightly. In Shandong, prices of PB fines, Ukraine pellet, Jimblebar fines settled at RMB490/tonne, RMB1295/tonne and RMB460/tonne respectively. In Tangshan, prices of PB fines, MAC fines and Indian pellet were RMB510/tonne, RMB490/tonne and RMB1200/tonne. Traders were active in shipping and offering quotations. While partial traders stopped quotation and hold wait-and-see sentiment.
Currently, steel mills are on-demand procurement. They will consider buy the scarce resources (Brazilian resources) even though the price is high to ensure profits. In the situation of environmental protection policies, the demand is to drop in the near future. Although the port stocks have dropped, the volume is still at the high level of around 150 billion tonnes currently. Plus the up-coming arrivals, the imported iron ore price is predicted to face more pressure. The drive of price hikes of iron ore is too skimpy with only the finished steel product prices.
Sources:XINDE MARINE NEWS
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