Chinese iron ore and steelmaking prices December 7 2017
Morning offers of spot market resources basically held stable today. Partial traders are willing to deliver cargos and reduce their quotations by RMB5-10/tonne. Steel mills expressed that market prices may suffer downturn influenced by weak futures market and thus they postpone purchases, waiting for further market changes. Transaction prices of PB fines in ports Rizhao and Tangshan stand at RMB522/tonne and RMB528/tonne respectively.
Overall iron ore market shows fair performance, while real market transactions see few amounts. Spot market transactions fall obviously. Transactions focus on high grade fines in major ports of north China. Lumps and non-mainstream fines witness unfavorable transactions. Many traders are bearish towards the following market given steel prices and steel mills’ purchasing desire. Both iron ore and steel prices climb down today and overall market is hard to improve in the short term.