SMM weekly review and forecast for domestic iron ore market in east China (Aug 7)

SHANGHAI, Aug 7 (SMM) –

Last week, the leading iron ore mines in East China were mainly engaged in normal production, and most of them sold the products, mostly long-term contracts, in the same pace as production, leaving no excess inventory. Iron ore inventory reduction remained in Anhui amid acceptable demand. In Shandong, the leading mine was in a state of suspension after an accident at the beginning of the week, which is expected to have a certain impact on the local safety production inspection. From the perspective of pricing, the average price index of imported iron ores this week dropped sharply compared with last week, and it is expected that iron ore prices in Shandong will have some room to dip this week.