Overall market sentiment was weighed down because most mills have finished restocking iron ore at China’s ports ahead of the upcoming Lunar New Year, according to a Shanghai-based trader source.
Additionally, some small and mid-sized trading houses were heard to be in no hurry to take in seaborne mid-high grade iron ore cargoes, the same trader said.
Speculative buying interest for Yandi fines and Mining Area C fines increased due to being more cost-effective compared with other brands. But this also narrowed their reselling margins at China’s ports, according to a Beijing-based trader source.
The reselling margin for Yandi fines at China’s ports has dipped to around 15 yuan per tonne as of Friday, compared with 20 yuan per tonne on...