Chinese iron ore and steelmaking prices December 1 2017
Morning offers of traders mainly climbed up by RMB5-10/tonne today. Specifically, mainstream high grade fines prices showed large upturn. Lumps and low grade iron ore prices move stable. Traders hold iron ore spot offers firm influenced by good spot market transactions and continuously growing transaction prices of some resources. Traders are bullish towards the following market. Steel mills have decreased demand for iron ore influenced by production limitation measures. However, steel mills still show demand for high grade resources under high profits.
Iron ore market sees fair performance today. Transaction prices go up by RMB2-5/tonne compared with that of yesterday. High grade fines witness obvious upturn and low grade iron ore prices sustain steadiness. Many traders expressed that spot market prices may grow further in the following market due to high profits of steel mills and high level of futures market.