SHANGHAI, May 5 (SMM) – The price of iron ore is expected to rise after the May Day holiday, Shanghai Metals Market’s ferrous branch Steelease foresees.
The gain is expected to happen in the regions, in which saw no gains before the holiday, and prices of domestic iron ore, however, are largely to hold stable this week as a whole, Steelease expects.
Domestic steel mills, with low inventories, will increase the purchases of domestic ore due to price gap between the two, despite of a recent fallback in imported ore.
But, pre-holiday replenishment and growing supply from mines which held onto goods before the new resources tax policy will keep price in check, Steelease says.
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