SMM daily comment on domestic iron ore market (Aug 21)

SHANGHAI, Aug 21 (SMM) –

The iron ore concentrate price in Shandong rose by 16 yuan/mt, and the current Fe64% alkali concentrate in central Shandong was 869 yuan/mt (without tax, dry basis). The local mining industry is still in a state of suspension, causing the ore resources scarce. Recently, inquiries in Hebei increased, and prices offered were higher than those in central Shandong. Local mines tended to raise prices, which increased the local steel mills’ purchase costs. The long-term outflow of resources caused procurement difficulties. Traders in the Zaozhuang market held a cautious attitude and transactions were inactive. It is expected that the Shandong market will be strong this week.