SHANGHAI, Jun. 27 (SMM) – Price in China’s domestic iron ore market was mixed last week, and what’s price outlook this week?
The good news is market sentiment in the ore market has improved slightly after prices of coke and steel scrap followed steel prices up, though this would also squeeze profits at steel mills, which may push down ore prices.
Arrivals of Iron Ore at China Ports Grow, SMM Reports
But, mines hold offers firm, and ore inventories at steel mills are low, providing a chance for ore price to edge up slightly.
Moreover, close attention should be also paid to elimination target for “Ditiao steel” by Chinese government before the end of June 30, 2017. “Ditiao steel” is a Chinese name for low-quality steel produced in intermediate frequency furnace with steel scrap as raw material, as well as rolled steel products produced with such steel as raw material.
What Triggers Bullish Bets in Steel Market? SMM Reports
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