SMM Daily Comment On Domestic Iron Ore Market (Oct 7)

SHANGHAI, Oct 8(SMM) – On October 7, Shandong iron ore concentrate prices increased by 7 yuan/mt. And the price of 64%-grade concentrates in leading local mines was 991 yuan/mt (tax-excluded, on a dry basis, ex-factory). The mine accident in Laiwu area led to the shutdown of production and maintenance since the beginning of this month, and ore concentrate was in short supply. On the demand side, steel mills were losing money with intensifying financial constraints, so they relied on on-demand procurement. In the short term, local ore prices are anticipated to oscillate resulting from price bargaining between upstream and downstream.