SMM daily comment on domestic iron ore market in western Liaoning (Aug 11)

SHANGHAI, Aug 14 (SMM) –

The domestic iron ore market in western Liaoning was still locked in a stalemate. With concerns over leading steel mills lowering bids, traders were more cautious in their operations, mostly on the sidelines. Some buyers who were not in a hurry to pick up iron ores continued to lower bids, while most dressing plants took a wait-and-see approach to ship goods, except for some fretting about the iron ore market, and selling iron ores at low prices. Iron ore futures price loss made traders more pessimistic about iron ore market outlook, thereby leading them to make a procurement of iron ores. Given dressing plants’ willingness to ship goods, iron ore prices may decline.