China Iron Ore to Keep Upward Momentum, SMM Reports

SHANGHAI, Jul. 4 (SMM) – Iron ore price in China’s major trading markets advanced last week, and what’s price outlook this week?

The rise is expected to have further room to run this week, citing higher prices of imported ore, tightening supply of domestic ore and stock-purchasing demand by steel mills. 

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Inventories of raw materials at steel mills are low, and with inventories being consumed, mills will grow purchases in the face of decent profits of steel products. 

In other news, cost advantages by using steel scrap as raw materials have reduced compared with those by using iron ore. But, potential increment of high-quality iron ore shipments by overseas mines will curb the rising room of iron ore in the future. 

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