SMM Daily Comment On Domestic Iron Ore Market (Sep 22)

SHANGHAI, Sep 25 (SMM) – Iron ore market in the Shandong market remained stable and the leading mines were in normal production. Most mills sell sold based on order volume to avoid inventory backlog. Soaring ore prices obviously slowed down steel mills’ procurement pace in Hebei. The downstream transaction in Shandong steel mills was average, and most purchases were based on rigid demand. Ore prices were still high after a large mine in Zaozhuang lowered its quotation. Traders lacked of willingness to purchase and market transaction was sluggish. In the short term, under the influence of imported ore, the local iron ore prices may still decline.