[China Iron Ore Brief Review] Iron Ore Prices in Shandong May Have Some Upside Room

Published: Mar 16, 2026 17:48

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[China Iron Ore Brief Review: Iron Ore Concentrate Prices in Shandong May Have Some Upside Potential] In Shandong, 64-grade iron ore concentrates at mines and beneficiation plants were quoted at 882 yuan on a dry basis, before tax, with acceptance upon shipment from the mine. Most mines and beneficiation plants maintained normal production, and some mines showed reluctance to sell. Steel mills continued to purchase under long-term contracts and mainly operated with low inventory. Overall transactions were moderate. In the near term, steel mills in Hebei will gradually resume normal production, and some local iron ore concentrate resources will flow to Hebei. Overall local iron ore concentrate supply remains relatively tight, providing support for prices.

In Shandong, 64-grade iron ore concentrates were quoted at 882 yuan/mt ex-mine on a dry basis, before tax, via bank acceptance bills. Most mines and beneficiation plants maintained normal production, while some mines showed reluctance to sell. Steel mills continued to purchase under long-term contracts and mainly operated with low inventory, with overall transactions remaining moderate; in the near term, steel mills in Hebei will gradually resume normal production, and some local iron ore concentrates resources will flow to Hebei. Overall local iron ore concentrates resources remain relatively tight, providing some support for prices. Coupled with the recent upward fluctuations in iron ore futures, local iron ore concentrates prices are expected to still have some room to rise.

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