Thursday, 03 Mar 2011
It is reported that imported iron ore market in Tianjin remains weak with thin enquiries and slim transactions. With the sharp plunge in imported iron ore futures market and steel market, most traders are not so upbeat on market outlook in the coming days.
Strong wait-and-see attitudes dominate the market. Currently, 63.5% Indian fines at Tianjin port is settled at CNY 1370 per tonne to CNY 1380 per tonne, PB fines is quoted at CNY 1300 per tonne to CNY 1310 per tonne, 58% Indian fines goes at CNY 1050 per tonne to CNY 1070 per tonne.
Most steel mills’ buying interests are weak and they adopt wait-and-see attitudes. A handful of small and medium steel mills expressed that they might purchase next week, as they only hold few stocks. India announced on Monday a uniform 20% increase on export duties for iron fines and lumps. Impacted by the tax hike, offers from miners reduce with some suspending offers. Most steel mills prefer to purchase spot cargoes currently.(sourced:mysteel)
Strong wait-and-see attitudes dominate the market. Currently, 63.5% Indian fines at Tianjin port is settled at CNY 1370 per tonne to CNY 1380 per tonne, PB fines is quoted at CNY 1300 per tonne to CNY 1310 per tonne, 58% Indian fines goes at CNY 1050 per tonne to CNY 1070 per tonne.
Most steel mills’ buying interests are weak and they adopt wait-and-see attitudes. A handful of small and medium steel mills expressed that they might purchase next week, as they only hold few stocks. India announced on Monday a uniform 20% increase on export duties for iron fines and lumps. Impacted by the tax hike, offers from miners reduce with some suspending offers. Most steel mills prefer to purchase spot cargoes currently.(sourced:mysteel)
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