SHANGHAI, Jul. 1 (SMM) – Prices for domestic iron concentrate are expected to fall slightly this week, Shanghai Metals Market’s ferrous branch Steelease predicts.
Some domestic steel mills have entered unit maintenance since the beginning of June, and more overhauls are expected in July following weaker demand and losses, Steelease says.
One Steelease’s latest survey finds that the decline in steel demand outpaced production cuts at steel mills.
Moreover, sharp fall in prices of imported iron ore and gradual arrivals of imported goods will also pressure domestic ore, Steelease explains.
But, any potential downside room for domestic iron prices will be limited as ore stocks at domestic mines have fallen significantly following the latest round of destocking process, Steelease adds.
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