[SMM Survey] Production Enthusiasm Remains High, Iron Ore Concentrates Production Slightly Increases

According to SMM's survey data, the domestic mines' capacity utilisation rate reached 54.9% last week, up by 1.5% from the previous week. Iron ore concentrates production rose to 733,000 mt, an increase of 20,000 mt, while mine concentrate inventory decreased by 10,000 mt to 205,000 mt. The slight increase in iron ore concentrates production last week mainly came from Hebei, Shandong, and Anhui regions. At the beginning of the new year, mine and beneficiation plants showed high production enthusiasm. However, as the Chinese New Year approaches, some workers are returning to their hometowns, and iron ore concentrates production is expected to see a slight decline. Overall, the impact of the Chinese New Year holiday on domestic iron ore concentrates production is limited, as most mine and beneficiation plants will maintain normal operations. On the inventory side, due to the recent restocking activities by steel mills, the inventory of mine and beneficiation plants saw a slight decrease and is expected to remain stable during the Chinese New Year holiday.