Chinese iron ore and steelmaking prices November 29 2017
Morning offers of spot resources showed ups and downs today. Specifically, mainstream middle-grade iron ore fines offers held steady and the prices climbed up by RMB5/tonne due to tight resources in some ports. Some traders are willing to sell cargos at a low price under dropping futures prices of partial resources and reduce the quotations by RMB5-10/tonne. Steel mills see obvious wait-and-see attitude towards the following market cubed by production reductions due to environmental policies.
Iron ore spot market shows flat performance. Transaction prices fall by a small margin in some major ports. Spot market transactions focus on middle & high grade iron ore fines, while lumps and low grade fines witness unfavorable performance. Partial steel mills said that they hold some amount of iron ore stocks. Iron ore spot stocks maintain a low level due to strict environmental policies during the heating season. Traders begin to sell cargos at a low price given continuously falling iron ore futures, which will affect current market prices to some extent.