China Iron Ore Prices Expected to Stop Falling, Steelease Says

SHANGHAI, Mar. 17 (SMM) – The price of domestic iron ore is expected to stop falling and to stabilize this week, Shanghai Metals Market’s ferrous branch Steelease foresees. 

The price of domestic iron ore fell 5-10 yuan per tonne last week. 

Tight supply, low inventories at mines and rising billet prices will support domestic iron ore price, Steelease expects. 

Sluggish prices have give little incentive to mines in production, and utilization rates at domestic private iron mines, are expected to rise to 40% in late March, up from 37% in late February, lower than 44% in late January, Steelease survey shows.  

In other news, so far, except Shandong, few steel plants in other regions have been affected by latest environmental protection inspections.