SMM daily comment on domestic iron ore market (Aug 31)

SHANGHAI, Aug 31 (SMM) – Domestic iron ore prices in Liaodong remained stable, and local transaction status was muted. Bidding prices of Tangshan’s main steel mills remained flat, which alleviated sellers’ worries. Most traders took a cautious wait-and-see attitude and decided to purchase after steel companies set prices. At present, most local steel companies are in a state of small losses, and their willingness to suppress raw material prices is strong. However, considering the insufficient supply of local iron ore, spot prices are likely to rise along with futures.