Traders held their morning offers stable today and partial mainstream lumps prices decrease by RMB5/tonne. Although iron ore futures market stands strong and begins to edge up, spot market still sees no obvious improvement restricted by falling demand and steel product shipments. Steel mills have no obvious purchasing expectation and they mainly take wait-and-see attitude towards the spot market.
Market transactions: Iron ore spot remains fair and transaction prices hold stable. Partial mainstream high grade resources prices go up. Specifically, PB fines see transaction prices at RMB467/tonne in Tangshan, while PB lumps at RMB595/tonne in Shandong.
Market supply and demand: Iron ore spot market starts to move stable and individual large traders show high desire to deliver cargos. Most traders are on the fence given high cost previously. Steel mills have no obviously purchasing plan because production cut and limitation policies are implemented in many regions and iron ore demand keeps weak.
Sources:XINDE MARINE NEWS
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