SMM Daily Comment On Domestic Iron Ore Market (Sep 5)

SHANGHAI, Sep 5 (SMM) – Iron ore prices in Tangshan stayed stable. The price of 66%-grade concentrates was 1,100-1,110 yuan/mt (tax-included, on a dry basis, delivery to factory). Beneficiation plants held bullish sentiment and slowed down shipments, while quotations from some suppliers rose. Traders were cautious about receiving high-priced raw materials out of cost consideration. Meanwhile, local large mines’ supply of iron ore concentrate was tight, leading to a strong willingness to ship at high prices. Some traders purchased low-titanium resources from East Liaoning in small quantities. Since the current low supply firmly supports iron ore market prices, and rigid demand for steel mills exists, it’s expected that domestic iron ore market still possesses upward room.