SHANGHAI, Aug 23 (SMM) – The domestic iron ore concentrate price index dropped by 5.8% to 1,229.3 yuan/mt last week, with smaller price decline than the previous week.
Demand for iron ore has remained weak under the policy of reducing crude steel production. The decline in prices of imported ore and iron ore futures weighed on sentiment in the domestic spot market. Dressing plants held quotations relatively firm, but steel mills did not accept current prices as domestic concentrates have little price advantage over imported ore. Steel mills and traders presented little buying interest, with most taking a wait-and-see stance.
Domestic concentrate prices are still under downward risks due to poor performance of imported ore prices and weak demand.