Chinese iron ore spot prices stabilized on December 16

On December 16, China's spot iron ore prices remained stable due to the departure of traders.

Comprehensive media December 16 news, China's spot iron ore prices did not change a few Friday, because traders are ready to meet the January market during the Spring Festival of the delay.

Umetal, a consulting firm in China, said that the Pilbara sand mine was quoted at US$132-134 per ton on Friday and the CNF benchmark was lower than the previous day’s US$134-136 per ton.

The Shanghai May Exchange main May rebar contract rebounded on Friday morning, up 0.65% to 4,151 yuan per ton, and the contract fell by 0.7% on Thursday.

Dealers said that market activity has gradually receded and it is expected that there will be no positive signals in the coming weeks to offset the seasonal slowdown in China Construction (3.00, 0.00, 0.00%) industry activity.

An iron ore importer in Zhejiang Province said: “There are many problems in the market, one of which is the winter season.”

He said: "The main problem is that the Chinese government has not yet put funds into the market. People are very cautious. They will not make large purchases because they do not know what the future will be."

Ore inventories at steelmaking plants are still relatively high, and there was a wave of buying surges in November before this move, which promoted China’s iron ore imports in November to a 10-month high of 64.20 million tons.

China Customs announced on Saturday that China imported 64.2 million tons of iron ore and its concentrate in November and 49.94 million tons in October.

In November, 1.23 million tons of steel were imported and 1.2 million tons in October.

The customs also announced that China’s iron ore imports from January to November increased by 11% from the same period last year to 620 million tons.

According to the Steel Index, the iron ore price sent to China with iron content of 62% fell by US$1 to US$133.80 per ton on Thursday. The CNF benchmark was the lowest since Dec. 1.

The Chinese Iron and Steel Association (CISA) did not take any measures against this dim situation. It warned in its monthly market report on Friday that it is expected that the demand for steel will decline further in the next few weeks, which will be hampered by deterioration of economic growth at home and abroad, as well as lower temperatures. influences.

In November, crude steel production hit a record low of 49.88 million tons for 14 months. According to CISA, steel mills will continue to cut output to support prices, and in the next few weeks, it may at least ease the oversupply situation.

CISA stated: "In general, the steel market will continue to fluctuate at low levels. Steel companies need to pay close attention to the market conditions and adjust their production structure, increase their reserves and improve their competitiveness."