China Iron Ore Prices to Hold High, SMM Predicts

SHANGHAI, Apr. 12 (SMM) – Prices of iron ore in China’s domestic spot market are expected to hold high this week, Shanghai Metals Market foresees. 

“Supply tightness of ore is expected to support ore prices, despite of production resumption at some mines,” SMM iron ore analyst says. 

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SMM survey finds utilization rate at domestic iron mines is 44.5% in March, recovering to the highest since December 2015. 

Growing demand from domestic steel mills has reduced ore inventories at surveyed 143 domestic mines, according to SMM survey.  

Moreover, some steel plants will resume production at BFs in April, with most of them small ones (450 m3). But, there is small room for steel mills to further increase ratio of domestic ore.  

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