IRON ORE DAILY: Buyers cautious of high steel stocks; Chinese ports see rise in interest for low-grade fines

摘要

Seaborne iron ore prices were rangebound on Friday February 14, while there were more transaction for low-grade iron ore fines at Chinese ports. Market bearishness over earlier data released on high steel inventory lingered, prompting buyers to remain cautious that demand could weaken further. Some traders believe that the gradual return of the workforce in China will help add some lift to sentiment, but it will take time because of the uncertainty the novel coronavirus (2019-nCoV) has cast over the Chinese economy.