SMM daily comment on imported iron ore market (Sep 4)

SHANGHAI, Sep 4 (SMM) – Iron ore prices in Shandong shot up by 90 yuan/mt. And now the ex-factory price of 64%-grade alkali concentrates in the middle of Shandong was 963 yuan/mt (tax-excluded, on a dry basis, by acceptance). Leading mines remained mainly engaged in normal production, but the shortage of ore was hard to change. Production was not at full capacity. Procurement from steel mills in Hebei increased. Local steel mills added purchases of imported iron ore, but the speed of delivery was slow due to capital pressure. Steel mills mostly purchased domestic iron ore on demand. However, most traders were in the wait-and-see mood and orders were less. Affected by strong prices of imported ore, iron ore prices in Shandong market are expected to rise within a narrow range this week.