Chinese iron ore and steelmaking prices December 28 2017
Morning offers of spot resources generally held stable today. Partial traders are willing to lift spot prices given growing futures prices and good cargo shipment of finished steel. Steel mills have weak purchasing desire and mainly ensure the normal production.
Iron ore spot market stands brisk, while real market transactions see unfavorable performance. PB fines transaction prices stand at RMB523/tonne and RMB515/tonne respectively at port Tangshan and Shandong.
Most steel mills expressed that iron ore spot prices have not reached a relatively low level. On the one hand, iron ore stocks increase steadily, resulting in growing available resources in spot market. On the other hand, many traders are willing to undersell the cargos, which will dent current spot prices. Under current circumstances, iron ore prices are predicted to decrease further in the coming days.