SMM daily comment on domestic iron ore market (Aug 24)

SHANGHAI, Aug 25 (SMM) –

Iron ore concentrate prices showed an upward trend in western Liaoning this week, an increase of 15-20 yuan/mt compared with last week. Prices of 66% grade concentrate were 790-800 yuan/mt (tax included, dry basis, ex-factory). The price hike was mainly driven by rising imported ore prices. Despite high production, beneficiation plants were unwilling to cut offers. In the near future, steel mills may hike purchase prices of domestic ore, which has become more cost effective after prices of imported ore rose. In view of tight supply, domestic ore prices may still go up.