Chinese iron ore and steelmaking prices November 22 2017
Morning offers of traders basically moved steady today. Partial mainstream Australian fines see prices up by RMB5-10/tonne. Most traders are eager to lift the prices influenced by growing spot market transactions, better finished steel shipments and rising prices. Steel mills are willing to make purchases and mainly make enquiries.
Iron ore spot market shows fair performance. Traders want to raise the prices and not willing to sell the cargos supported by active enquiries from steel mills before the noon and continuously strengthening iron ore futures. Spot market transactions focus on iron ore fines and the demand for lumps & pellets is unfavorable. Steel mills said that steel mills have ramped their efforts in production reduction and limitation due to policies. Steel mills will raise their lumps usage to ensure normal production. Spot market prices are predicted to go up supported by demand of steel mills in the short term and lumps prices will stop decline and start to rebound.