Chinese iron ore and steelmaking prices January 11 2017
Spot prices of high grade fines saw obvious rise this morning. After futures market rallied, traders in physical market all intended to raise their quotations.
According to survey, PB fines were traded at RMB630/tonne at Tangshan port, up by RMB5/tonne from that on previous trading day. However, actual trading volumes declined comparing to former condition. Most steel mills still preferred to buy high grade iron ore fines, resulting in dull transactions of lump ores. Currently, some small steelmakers began to restock for Spring Festival holiday. This afternoon, Tangshan billet prices further increased by RMB60/tonne because of improving transactions in steel market. As steelmakers’ demand showed no substantial change temporarily, iron ore prices lacked firm support to keep rising.