SMM Daily Comment On Domestic Iron Ore Market (Sep 11)

SHANGHAI, Sep 11(SMM) – Leading beneficiation plants in Shangdong hiked iron ore prices by 20 yuan/mt. The ex-factory prices of 64%-grade alkali concentrates in the middle of Shandong was 983 yuan/mt (tax-excluded, on a dry basis, by acceptance). Although Luzhong Mining Co., Ltd, a company ownning leading mines, officially resumed production today, it is still difficult to reverse the local resource shortage and iron ore concentrate inventory remained low. Due to the shortage of funds, local steel mills purchased on demand. Hebei steel mills turned to be more enthusiastic in purchasing. After large mines raised their d quotations, many are willing to stock up, driving up the overall transaction volume. Overall, steel mills may continue to obtain goods on demand in the near future. And due to fluctuations in imported ore, local ore prices may mainly be volatile.