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Market quotations basically hold stable today. Partial traders are bullish towards the coming market and lift their prices by RMB5-10/tonne. Many traders give late offer and an obvious wait-and-see attitude can be witnessed. It’s learnt that most steel mills show purchasing desire and focus on middle grade fines and lumps. Spot market enquiries stay high and transactions have improved compared with that of last weekend.

Spot lumps resources remain in tight supply and steel mills show obvious desire to purchase as downstream products of steel mills report large profit of RMB700-800/tonne. Steel mills generally raise high grade ore usage in blast furnace to produce pig iron.

A steel mill expressed that current port stocks stand high, but lumps resources still show small amount. When fines prices began to decrease previously, lumps transaction prices remain firm. The steel mill said that there are still many unfavorable factors for iron ore market currently, market price fluctuation is expected to be obvious in the coming market.

A trader said that steel mills make normal spot purchases presently and iron ore stocks of steel mills basically maintain a low level. Spot market prices are largely influenced by futures market and derivatives and a pessimistic attitude could be witnessed. Some traders are willing to undersell the cargos influenced by hedging, which drives down overall market prices.

In summary, bearish factors still dominate iron ore market and prices are expected to keep weak in the short term.