Chinese iron ore and steelmaking prices December 4 2017
China’s sea-borne iron ore market continued to pick up, with mainstream iron ore prices up RMB10/tonne. Some traders with high stocks tend to hold prices firm owing to uncertain subsequent market. Steel mills keep iron ore stocks normal along with wait-and-see attitude.
Spot price for 61.5%-Fe PB fines eases to RMB520/wmt at Qingdao Port, including RMB35/tonne port charge and 17% VAT.
Low grade iron ore resources and non-mainstream resources are held firm as traders have strong desire to boost sales. Steel mills have increased purchase volumes recently which are hard to improve further.
Up to Dec 1, total iron ore stocks at 42 main ports in China amounted to 140.31 million tonnes, up 1.44 million tonnes from last Friday. Albeit spot market is relatively active, actual transaction is not favorable. Influenced by previous rally and shrinking demand, most traders are keen on delivery.