Iron Ore Prices in Tangshan to Fall Next Week

SHANGHAI, Mar 24 (SMM) – Falling iron ore futures prices and steel prices drove major steel mills in Tangshan to lower their iron ore bid prices this week. Dressing plants were shut down for 2-3 days to fight heavy air pollution, and refrained from selling amid falling iron ore prices. Some steel mills have slowed down concentrate purchases in recent weeks due to the restrictions on sinter production. In view of thin profits at steel mills and vulnerable iron ore futures market, iron ore prices in Tangshan will still face downside risk next week.