China’s imported iron ore market strengthens on Monday boosted by frequent price hikes of billet prices in Tangshan. News about the stricter production control for Fengnan district of Tangshan starting from Aug 12 drove up billet prices during weekend. Traders raise quotations tentatively in the morning in tandem with a rising trend in the futures market. In light of price increase of steel products, partial traders reckon there’s still upside room for iron ore. Spot transaction for port stocks picks up by RMB5/tonne or so, with PB fines traded at about RMB500/tonne in Shandong and RMB10/tonne in Tangshan. According to traders, a few steel mills sustain procurement to meet their demand while most steel mills are in wait-and-watch attitude considering fluctuating iron ore prices.Meanwhile, steel mills prefer higher grade iron ore due to higher cost performance even if sales prices move up by RMB3-5/tonne. Iron ore market is likely to continue the buoyancy as production restriction will continue weigh on steel supply. The depreciation of Chinese yuan and steel mills’ favor to higher grade iron ore will shore up spot market.
Sources:XINDE MARINE NEWS
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