SMM daily comment on domestic iron ore market in Shandong (Aug 7)

SHANGHAI, Aug 8 (SMM) –

The leading mines in Shandong lowered iron ore prices by 50 yuan/mt on August 7, and the 64-grade alkali concentrates in the middle of Shandong was 871 yuan/mt (D/A, ex-works, before tax, on a dry basis). The leading mines in the middle of Shandong suspended production, while other mines were in normal production. The mines sold iron ore concentrates in the same pace as production, leaving no inventory. Therefore, a raw material crunch led steel mills to utilize iron ore concentrates in hand, and absent iron ore concentrate stocks at steel mills may linger in a short term. Only a small amount of iron ore concentrates were purchased for the completion of orders. IN a word, few deals were concluded. Affected by imported mines, iron ore market in Shandong may will weaken this week.