China's imported iron ore market moved up slightly on Wednesday June 13 on a slight improvement in sentiment.
Spot prices of 63.5% Fe content Indian fines stood at $136-138 per tonne cfr, up $1 from $136-137 per tonne cfr on Tuesday.
"Market sentiment improved a little since last week's interest rate cut, and more enquiries are coming up now," one iron ore trader in Zhejiang province said.
"I have not felt the market change much so far this week, but a few bullish traders want to push up iron ore prices,” a trader in Shanghai said.
However, most steel mills remain very wary of buying. They are unlikely to place orders unless the prices meet their expectation, another trader in Zhejiang said.
On the Chinese spot trading platform, 90,000 tonnes of 62% Fe Australian fines were concluded at $136 per tonne cfr on Wednesday afternoon.
"A similar cargo was offered at $137.50 per tonne cfr on Global Ore. We put in a bid that was $1 lower," another Shanghai trader said. The transaction has yet to be concluded at the time of writing.
"The market will stay mostly firm for the rest of the week, and the upward room for prices will likely be limited to $2-3 due to shaky steel prices," a trader in the port city of Dalian said.
Vale concluded a tender of 170,000 tonnes of 60% Fe fines at $117.16 per tonne cfr on Tuesday.
On Tuesday, a transaction involving Newman lumps at $144 per tonne cfr for delivery to Caofeidian, with loading expected in late June or early July, was reported.
The latest transactions reported for Indian lumps were $100.10 per tonne cfr for Sesa Goa's 54% Fe cargo and $109.20 per tonne cfr for its 56% Fe materials, sources said.