SMM daily comment on Tangshan iron ore market (Aug 16)

SHANGHAI, Aug 17 (SMM) –

In tenders, leading steel mills invited bids. Iron ore concentrate prices inched up amid fallout of rising imported ore concentrates. Prices of 66 grades were at 1,070-1,085 yuan/mt (tax-included, ex-works, on a dry basis). Given locally low availability of ores, selling appetites from dressing plants appeared moderate. A leading steel mill purchased 45,000 mt of ores yesterday, and demand was higher than before. On the supply side, according to SMM’s understanding, two mines under a mining group in Qianxi officially resumed production, and it is expected that the mining dressing plant will officially resume production at the end of the month. In terms of demand, since the local reduction of crude steel was not implemented, the output of molten iron was still at a high level, which played a certain role in supporting demand for iron concentrates. Overall, iron ore concentrate market may show a stable trajectory in the short term.