SMM daily review and forecast for iron ore

Iron ore market in Shandong swung in firmness. Notwithstanding normal operation of leading mines, a ore supply crunch remained, and is unlikely to ease in a short term. Iron ore inventory stood low, and focus was put on long-term contracts. With low iron ore, steel mills hunted for spot iron ore. Tight supply kept offers for iron ore firm, while traders took a stance on procurement, and some purchased small quantities of high-priced ore to meet complete orders. Affected by imported iron ore, there was a certain room for iron ore prices in Shandong to hike.