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Chinese iron ore and steelmaking prices November 16 2017

Traders’ morning offers basically held stable today. Some traders reduce their quotations by RMB5-10/tonne. Spot market offers start to decrease and traders show increased desire to deliver cargos. Some traders expressed that following market demand will fall largely due to the production limitations measures in “2+26” cities in north China and in Tangshan during the heating season. Partial traders begin to deliver cargos to avoid the risks. On the other hand, ferrous metal futures market dived on the night of Nov 14 and many traders begin to withdraw capitals. Steel mills have no obvious purchasing plan. Spot market prices of PB fines at Tangshan stay at RMB460/tonne when market opened and many steel mills hold wait-and-see attitude, opining that spot market prices are bound to drop.

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