China's spot iron ore market is stable from yesterday. Influenced by continuous slackened futures market, partial traders who hedged in futures market tend to boost sales. Most traders are not eager to sell to avoid loss. Steel mills deem that there will be a larger decline thus hold wait-and-see attitude.
Partial steel mills still have strong preference and buying interest for high grade iron ore lumps with low alumina. Transaction is concentrated on medium and high grade iron ore resources, in particular iron ore lumps, seeing smooth transaction, and demand for iron ore lumps is likely to increase further. PB fines are traded stable from yesterday at RMB460/tonne in Tangshan and Shandong ports.
Futures market shows large fluctuation and participants are in cautious stance. Partial large-sized traders expect for high risk in spot market, thus not active in trading. Overall demand is not strong along with low trading volumes.
Sources:XINDE MARINE NEWS
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