SHANGHAI, Sept. 15 (SMM) – Iron ore prices in China’s domestic market are expected to edge higher in late September, Shanghai Metals Market foresees.
“The narrower gap between domestic and imported ore and October’s holiday replenishment will give a boost to domestic ore prices,” SMM says.
The price between domestic and imported ore narrowed to 10-40 yuan per tonne, leaving domestic resources more cost-efficient.
Domestic ore is believed to be more attractive for steel mills due to financing purpose as payment period is prolonged to 2-3 months for most steel mills. When combined with 3-month acceptance, payment is allowed to be made after 5-6 months, SMM adds.
Last week, China’s iron ore market held largely stable, according to SMM data.
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