SMM Daily Comment On Domestic Iron Ore Market (Sep 13)

SHANGHAI, Sep 13(SMM) – The price of 66%-grade concentrates was 1,100-1,110 yuan/mt (tax-included, on a dry basis, delivery to factory) in Tangshan. On the supply side, ore output was unstable due to the slow speed of production resumption in local mines. Independent beneficiation plants were less motivated to produce due to profit losses, so local iron ore concentrate resources were still tight. As steel prices continued to fall, steel mill profits were on a downward trend. Therefore, the recent purchasing enthusiasm of demand markets was average and the willingness to lower prices was strong. Overall, a weak supply and demand situation may cause iron ore prices to remain stable in the short term.