SMM Daily Comment On Domestic Iron Ore Market (Sep 25)

SHANGHAI, Sep 26 (SMM) – Prices of iron ore concentrate from steel mills and mines in Shandong reduced by 2 yuan/mt. The price of 64%-grade alkali concentrates in Central Shandong was 1,015 yuan/mt (tax-excluded, on a dry basis, ex-factory). Leading mines maintain normal production based on sales, with no inventory accumulation pressure. Restricted by funding supply, Hebei steel mills mainly conduct on-demand procurement. An undersupply state led to low iron ore inventories in beneficiation plants. Pre-holiday stock replenishment supports ore prices, but steel mills’ shrinking profits spurred their strong willingness to force prices down. Overall, the Shandong iron ore is expected to run steady this week.