SHANGHAI, Mar. 20 (SMM) – Prices for domestic ore in China’s iron ore market are expected to rise this week, Shanghai Metals Market predicts.
SMM survey finds that ore demand from domestic steel mills will be growing with the wrapping-up of China’s NPC&CPPCC sessions.
Meanwhile, high profits have also encouraged some mills to increase production, which will also support prices.
"Expectations over higher demand, and no obvious resumption at mines will buoy up domestic ore prices," SMM predicts.
But, high ore inventories at ports will likely curb the rising strength of domestic ore prices, SMM adds.