Chinese iron ore and steelmaking prices January 18 2017
Mainstream quotations of imported iron ore market held steady this morning.
Due to shortage of salable resources, prices of concentrates at some ports edged up by about RMB10/tonne. However, as futures market pulled back from yearly high, market sentiment gradually weakened. Actual transaction prices dipped amid low trading activities. According to our survey, about 90% of steelmakers already completed stockpiling before holiday. Thus, they barely had procurement interest during the day, leading to tepid transactions. Besides, prices of lump ores rose moderately, following formerly price hike of iron ore fines. Currently, partial traders were pessimistic about future market direction. It was estimated that iron ore prices might fall back by about RMB10/tonne lately.