SMM daily comment on Liaoning iron ore market (Aug 10)

SHANGHAI, Aug 11 (SMM) –

The domestic iron ore market in the western Liaoning saw thin transaction. There was slower demand. Some traders who had no orders temporarily took a step back from the market to avoid risks, while those who had purchasing needs continued to lower their bids. Recently, local ores flowing out significantly reduced. The overall market activity appeared tepid. On the whole, the reduction of iron ore outflows weakened the support for local prices. In addition, negative impact of related market was felt. Under such circumstance, the mentality of some iron ore manufacturers weakened, and their willingness to ship increased, while steel mills were inclined to lower bids for ores. It is expected that iron ore market in some parts of the western Liaoning will swing on a bearish footing in a short term.