China’s iron ore futures market fluctuated at a high level in the morning, while in the afternoon, it dropped slightly with the most activate iron ore price closed at RMB498/tonne. Accordingly, the declining futures market had small influences on spot market. Traders’ quotations in the morning remained unchanged from yesterday. Iron ore lump price in Tangshan saw a slight drop compared with that of previous days. In Tangshan, Chile pelletizing concentrate, Yandi fines, PB lumps, Ukrainian concentrate and Jimblebar fines quoted at RMB715/tonne, RMB455/tonne, RMB720/tonne, RMB760/tonne and RMB455/tonne respectively. In Shandong, Jimblebar fines, Newman lump, MAC fines and PB lump priced at RMB455/tonne, RMB735/tonne, RMB505/tonne and RMB725/tonne separately.
Traders said that steel mills were active in both inquiring and procurement. However, steel mills expressed that they remain on-demand procurement due to the mixed upcoming iron ore market after the National Day holiday. In Shandong, PB fines, PB lump and Peru concentrate traded at RMB512/tonne, RMB715/tonne and RMB690/tonne. As for Tangshan, SSF, PB fines and FB fines traded at RMB317/tonne, RMB535/tonne and RMB384/tonne.
Sources:XINDE MARINE NEWS
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