China ferrous futures stayed rangebound during the day after a brief rebound during the night trading session on Thursday. The price of billet in Tangshan fell 40 yuan ($6) per tonne late on Friday afternoon.
Iron ore buying activity at the ports wound down during the day, since a number of mills had restocked a day earlier.
Trading was even thinner for seaborne cargoes. At the time of writing, the only deal heard done during the day involved a cargo offered by a miner through a tender.
Market liquidity is “very poor” as mills currently have no interest in forward shipments, according to sources.
They would look out only for prompt cargoes, or simply source their materials from the ports where...