SMM daily comment on domestic iron ore market (Sep 1)

SHANGHAI, Sep 1 (SMM) – The domestic iron ore market in western Liaoning moved sideways. With a iron ore supply crunch, beneficiation plants kept offers firm. However, traders in stock yards believed that the offers were too high. Steel mills increased their bids, but to a limited extent, and most of them were in a prudent mindset. Under such circumstance, transactions were concentrated on high-quality low-titanium resources. To sum up, tight iron ore supply was reported, while cautious buyers kept bids low. It is expected that iron ore prices will be mainly stable in the near future. Considering that local steel mills are about to release pricing and may increase price, it is expected that iron ore prices in western Liaoning will still have room to hike.