China's spot iron ore prices at ports stay stable amid upward room shored up by buoyant futures market and smooth steel sales. Steel mills’ buying interests remain weak, in spite of inquiries. Spot transactions showed a weaker performance as compared with yesterday, most steel mills have built high inventories after consecutive procurement. Influenced by SCO, transportation in Shandong was partially restricted, the transaction of spot resources were mainly concluded in Tangshan ports and Tianjin port. Mainstream iron ore fines were in smooth sales, in particular MNP fines, while the proportion of PB fines slid slightly from previous due to high stocks and cost performance.
It is learnt that most large-sized traders are concern about the increasing cargoes in later period, which will weigh down spot market. Small-sized traders express it is hard to tell the coming market due to volatile market, and they are inclined to wait and watch.
Seaborne market was relatively active amid a price hike. Carajas fines traded at COREX saw a large increase of US$0.7/dmt as compared with a day ago.
Sources:XINDE MARINE NEWS
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