SMM daily comment on imported iron ore market (Aug 30)

SHANGHAI, Aug 30 (SMM) – Recently, imported ore futures market appeared volatile. Participants in iron ore concentrate market in Tangshan were in a strong wait-and-see mood. Steel mills with mainly rigid demand lowered their bids for iron ore concentrate, while traders whose inventory stood acceptable took a prudent approach to refill stocks, especially for high-priced iron ore concentrate. Currently, a few beneficiation plants were in normal production. In addition, stricter environmental protection inspections in some areas limited operating rate of dressing plants. Under such circumstance, spot supply of iron ore stood tight, stimulating most beneficiation plants to keep offers firm. Overall, iron ore market activity were locked in a stalemate. Iron ore prices in Tangshan are expected to be stable-to-weak in the near future.