Domestic Iron Ore Prices Were Mixed Last Week, And To Rise This Week

Last week, iron ore prices in Tangshan, Qian'an, Qianxi and Chengde in Hebei province were raised by 10-15 yuan/mt. Prices in western Liaoxi, including Chaoyang, Beipiao, and Jianping were largely unchanged. The prices in east China were lowered by 40-50 yuan/mt.

Leading steel mills in Tangshan raised the bid price of concentrates last week. Recently, there was news of production resumptions at the local beneficiation plants. It is understood that a large private mine in Qianxi may resume normal production at the end of June. But concentrates prices will have support as local concentrates supply is still tight. On the demand side, although there were rumours of crude steel output reduction in the market, there were no expectations of production restrictions in the near future. Concentrates demand will be supported.

The supply remains tight, and beneficiation plants raised prices. On the demand side, profits at steel mills have not improved significantly, and they continued to push for lower prices. But considering the recent strong overseas prices, domestic iron ore prices are likely to rise.

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