Seaborne prices for mid-grade iron ore came under some pressure on Wednesday December 18, with steelmakers in China continuing to show a preference for materials sold at Chinese ports. The benchmark May iron ore contract on the Dalian Commodity Exchange was largely flat. It inched up by around 0.08% from the previous day’s closing price. Market participants believe Chinese mills are still buying on a need basis, and mostly at Chinese ports. A Singapore-based trader said that port prices were currently more competitive than those in the seaborne market. This puts pressure on seaborne prices, he said.
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