Falling Imported Ore to Weigh down China Iron Ore Prices, SMM Predicts

Published: Mar 13, 2017 10:59

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Last week, prices of domestic ore held largely stable across China’s major markets, and what's the outlook for iron ore prices this week?

SHANGHAI, Mar. 13 (SMM) – Last week, prices of domestic ore held largely stable across China’s major markets, and this week, prices of domestic ore are expected to be influenced by falling prices of imported ore and conclusion of China’s NPC & CPPCC sessions.

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Last week, imported ore prices were down, and this will weigh down prices of domestic ore in Hebei and Liaoning, SMM predicts. But, low inventories will help limit price declines.

Meanwhile, domestic steel mills are expected to restart production with the conclusion of China’s NPC & CPPCC sessions, but their ore purchases are expected to be limited this week.

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Elimination of intermediate frequency furnace has been emphasized at the meeting, and this will favor iron ore market in the long run, SMM adds.

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