Domestic Ore Prices are Likely to Fall This Week

SHANGHAI, Apr 10 (SMM) - Last week, the iron ore prices dipped 15-25 yuan/mt in Qian'an and Qianxi county in Hebei province; fell 5-10 yuan/mt in Chaoyang, Beipiao, and Jianping city in western Liaoning province; and increased 10-15 yuan/mt in east China.

Market trading in Tangshan was still poor last week. Affected by the weak overseas market, leading steel companies once again lowered their bid prices for iron ore concentrate. According to SMM, the poor profits and rising steel inventory still encouraged steel mills to lower their purchase prices. Considering that the local explosives supply has not resumed, most dressing plants were mainly wait-and-see. On the whole, in light of the recent monitoring of iron ore prices by relevant official departments, the domestic iron ore prices may fall in the short term.