SHANGHAI, Sept. 23 (SMM) – The Chinese National Day holiday is around the corner, and will Chinese steel mills build up stocks before the holiday, and to give a boost to domestic iron ore prices?
“Domestic steel mills, with existing inventories enough for 15-day’s production, are expected to build up stocks ahead of the week-long holiday, which will support higher ore prices,” SMM iron ore analyst said.
Compared with imported ore, domestic ore now enjoys price advantage, so demand for domestic resources will grow as a result, SMM pointed out.
“China’s iron ore price, however, will again come under downward pressure in response to growing ore shipment overseas and completion of pre-holiday stocking,” SMM added.
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