Chinese iron ore and steelmaking prices November 21 2017
Morning offers of spot market resources basically moved stable today. Partial traders are bearish towards the following iron ore spot market and the quotations are negotiable. Market demand sees weak performance influenced by peak-shift production of steel mills during the heating season. Steel mills focus on spot market enquiries.
Iron ore spot market shows flat performance. Market transactions focus on mainstream fines. Lumps prices keep weak and are hard to improve. Transaction price of Newman lumps stands at RMB630/tonne in port Shandong. Moreover, futures market prices fluctuate in a wide range and traders are reasonable and cautious towards prices. Most traders expressed that steel mills’ demand for spot resources have not decreased, but they have enhanced their requirements for resources quality. Their purchases focus on mainstream resources and have small demand for non-mainstream resources. Steel mills said that overall market shows many risks influenced by policies and futures market. Steel mills mainly make purchases to ensure normal production and aim to maximize the benefits.