China Iron Ore Price to Hold Largely Stable amid Cautious Buying, SMM Reports

SHANGHAI, Jul. 11 (SMM) – Iron ore prices in China’s domestic market advanced for 2 weeks in a row, and in Hebei, prices were up totally by 30-65 yuan per tonne. 

Will the rising momentum be continuing this week? 

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SMM survey finds that domestic steel mills, which completed stock-piling, largely take a wait-and-see attitude after price gains. But, decent profits at steel mills still incentivize their production. 

To sum up, SMM predicts iron ore prices in China’s domestic market will hold largely stable this week, and prices in the region of which saw slower rising pace are likely to catch up gains.  

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