The seaborne iron ore market fluctuated upward with a large increase at the end of trading. The spot price at port remained unchanged in the morning, and then the increase of RMB5-10/tonne saw in the afternoon for spot market along with the rising futures market. Traders said that they had strong willingness of shipment and steel mills kept inquiring in the morning. While in the afternoon, in order to cut the risks caused by the sudden increase of futures market, steel mills turned cautious about procurement. Steel mills expressed that although the restocking is in need, they will remain wait-and-see sentiment. If the price stays at the high level, they will also consider to buy resources.
As for transactions, in Shandong, PB fines, Newman fines, Carajas fines and Jimblebar fines traded at RMB540/tonne, RMB550/tonne, RMB735/tonne and RMB475/tonne respectively. While in Tangshan, PB fines, PB lump, SSF and Jimblebar fines traded at RMB553/tonne, RMB738/tonne, RMB338/tonne and RMB478/tonne separately, slight higher than those of yesterday.
Sources:XINDE MARINE NEWS
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