Imported iron ore market remains firm from pre-holiday and partial traders are inclined to hold prices firm. The dive in futures market dragged down traders’ quotations, as a result, partial transaction prices slide by RMB15-20/tonne. Traders are optimistic about the coming market and predict a rally, thus they are not eager to deliver goods. Steel mills with wait-and-see mood sustain normal procurement, adding to high stocks at ports.
Low grade iron ore fines and iron ore lumps have seen limited price declines. PB fines are traded at RMB445/tonne in Tangshan while ranging from RMB440-447/tonne in Shandong regions.
Traders expressed that Brazilian iron ore resources receive many inquiries, albeit some steel mills have begun to adjust the use ratio of furnace charges, reducing the use of Brazilian iron ore resources. The environmental protection inspection continues to weigh down demand for iron ore resources.
Sources:XINDE MARINE NEWS
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