Chinese iron ore and steelmaking prices January 10 2018
Morning offers of traders mainly went up by RMB5-10/tonne today. Futures prices kept strong and sustained corrections. Price upturn focused on mainstream middle and high grade fines. Steel mills’ purchases concentrate on high grade fines and their purchases for lumps & non-mainstream resources are hard to increase. Transaction prices for PB fines and FB fines stand at RMB558/tonne and RMB360/tonne respectively.
Iron ore spot market stands brisk. Real transaction prices and volume sees obvious growth. Transaction prices for mainstream fines climb up by RMB5-15/tonne. Most traders expressed that obviously rising futures prices drive up spot market prices. Middle and high grade resources show the structural shortage problem in some ports of north China, supporting the following market prices. Moreover, billet cargo shipments turn better and prices grow. Spot market prices are estimated to strengthen in the short term.