China Iron Ore Price to Advance, SMM Predicts

SHANGHAI, Jul. 6 (SMM) – Iron ore prices in China’s domestic market are expected to rise this week, Shanghai Metals Market foresees. 

“High utilization rates at steel mills and shift to domestic ore will support price gains this week,” SMM iron ore analyst says.  

After sharp rises in imported ore, domestic steel mills are expected to shift to domestic ore market, which will bode well for price, especially when some domestic mines have begun to cut output due to losses, SMM points out. 

Moreover, the new resource tax reform, effective from Jul. 1, will also enhance domestic mines’ competitiveness by easing their tax burdens. 

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