Chinese iron ore and steelmaking prices June 20 2017

Jun 20, 2017

Overall iron ore market sees improvement and prices increase slightly compared with that of yesterday. Partial traders show strong intention to purchase cargos under rising scrap prices at the weekend and firm rebar futures. Enquiries of steel mills remain fair and spot market sees good performance. Real market transactions climb up obviously compared with that at the end of last weekend. Overall market prices show signs of large growth in South and North China.

A steel mill said that traders witnessed obvious desire for cargo shipment in the morning. Partial traders begin to postpone quotations. Spot market transactions rise by a small margin before the noon and market transactions stand favorable. Steel mills focus on low & middle grade fines purchases and prices see slight fluctuations.

A trader expressed “Futures market sees signs of growth and traders have strong desire to deliver cargos. They are bullish towards following market. Market transactions seem brisk and we opined that current spot market prices have basically touched the bottom. Market prices are predicted to hold stable and is likelyto bottom out. Thus, we begin to tighten the cargo shipments.”

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