Chinese iron ore and steelmaking prices December 5 2017
Morning offers of spot market resources rose significantly by RMB15-20/tonne compared with that of last week. Partial traders expressed that as their spot market stocks see large amount and the following market trend is not clear after the large growth. Thus, they are willing to deliver cargos in recent days. Iron ore stocks of steel mills remain at a low level and spot prices grow continuously. Steel mills still show purchasing desire in the short term and their purchases focus on high grade fines.
Iron ore spot market witnesses fair performance and real market transaction prices climb up by RMB20/tonne compared with that of last Friday. Transaction prices of PB fines in ports Tangshan and Shandong stand at RMB540/tonne and RMB535/tonne respectively. Most traders are willing to deliver cargos and are bullish towards the following market. Steel mills’ stocks maintain a low level and high grade fines demand will grow. Moreover, coke and steel product prices increase and the favorable factors dominate the market. Overall market prices are expected to go up in the following days.