SMM daily comment on iron ore market in Tangshan (Aug 9)

SHANGHAI, Aug 10 (SMM) –

A weakening of imported and Tangshan-based ore concentrate prices dragged down iron ore concentrate prices in western Liaoning. Price of 66 grade wet basis was 790-800 yuan/mt (tax-excluded, ex-works). Suppressed by rising freight rate of automobile transportation, less iron ore concentrates flowed from western Liaoning to Tangshan. In addition, and stricter inspection on overloaded vehicles slowed down demand from traders. Under such circumstance, beneficiation plants stayed on the sidelines, while local leading steel mills had a strong willingness to lower iron ore concentrate price, and mainly purchased at low prices. On the whole, iron ore concentrate market activity appeared tepid. Iron ore concentrate prices may swing on a downward trajectory in western Liaoning amid fallout of volatile imported ore concentrates.