SHANGHAI, Jul. 25 (SMM) –
Cao Xu, Deputy Secretary General of Dalian City, recently said iron ore futures contracts will likely be launched later this year. The launch of such contracts is only be a matter of time and will have significant influence on iron ore markets.
Manganese Ore Market:
Trading at ports remained lackluster. BHP’s quotations of South African mixed carbonate manganese ore for August fell sharply. Traders are now awaiting BHP’s offers of Australian manganese ore. Some market players believe there is a good chance that BHP’s offers of Australian manganese ore will hold level, though the possibility of price cuts is not excluded.
In northern ports, sales volumes of South African high-Fe manganese ore picked up, while trading of non-mainstream manganese ore was sluggish. In southern ports, a small amount of Malaysian manganese ore was purchased.
Manganese Alloy Market:
Some traders have pulled out of the market due to razor-thin profits. Those who have locked in supply contracts from steel producers are preparing for next month’s delivery.
Baosteel Group Guangdong Shaoguan Iron & Steel held a signing ceremony for its steel processing project in Jiangxi’s Ganzhou Development Zone. The project, representing RMB 2 billion in total investment, will produce hydraulic system parts, auto components and other steel products. The project will yield RMB 6 billion in sales annually and generate RMB 55.07 million in tax upon completion.