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
"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
"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
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.