Iron ore spot market basically shows no changes today and partial scarce product prices climb up by RMB5/ton. Most traders witness obvious desire to raise the prices. Spot market enquiries stand flat and thus small-sized traders are willing to deliver cargos. Transaction prices go down compared with that of yesterday. Steel mills show no obvious intention to make purchases and mainly take a wait-and-see attitude.
A steel mill said that spot market prices increase, while the port resources still could be purchased at a lower price. Spot price growth is partly attributable to speculation mood and prices are likely to return to a reasonable level in the following days.
A trader expressed that spot market prices have grown obviously in recent days, with increased transactions. Spot market enquiries remain at a low level. Some traders are bullish towards the following market and are willing to replenish their stocks. Iron ore spot market prices are likely to witness certain fluctuations influenced by futures and derivatives market in recent days.
Source: hellenicshippingnews