Thursday, 20 Jan 2011
It is reported that spot price of imported iron ore in Fangchenggang port remains steady today. Currently, 63.5% Brazilian coarse fines is quoted at CNY 1330 per tonne to CNY 1350 per tonne.
Mainstream iron ore varieties at Fangchenggang port, such as Brazilian and Australian iron ore fines are mainly held by big traders. Most of these products are offered at high prices. Recently, market transactions slow down, as steel mills reduce the usage rate of imported iron ore in face of expensive iron ore prices.
Besides, impacted by passenger transport during the Spring Festival, railway loading capacity is generally insufficient. Only a few big steel plants maintain normal delivery. This also constrains end demand.
Southwest areas are hit by snow weather recently. According to some steel mills, steel sales are not so satisfactory currently. Despite the high price, actual trades are rather sluggish.
Sourced from MySteel.net
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