China’s imported iron ore prices were relatively firm with individual products edged up by RMB3-5/tonne in the morning in the light of narrow fluctuation of futures market. Steel mills expressed that spot prices of iron ore lumps resources remained high due to the strict production restriction and increased lumps premium. Traders showed strong desire to boost sales.
Steel mills showed higher buying interest ahead of weekend, resulting in desirable transaction. Some steel mills were bullish on the market in the long term and expected the market to sustain narrow fluctuation in the near term.
Seaborne market was relatively active with high grade iron ore prices continued to climb. There were 3 cargoes traded. Carajas fines was traded at US$91.05/dmt, hitting record high; China’s buyers tended to depress medium and low grade iron ore resources, especially those with higher alumina. A steel mill indicated that they were focusing on increasing production and were likely to use more high grade iron ore fines and lumps.
Sources:XINDE MARINE NEWS
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