[Brief Review of Domestic Iron Ore] The Price of Iron Ore Concentrates in West Liaoning May Have Some Room for an Upward Trend

The domestic ore market in western Liaoning has shown weak transactions. Recently, local iron ore concentrate prices have remained relatively stable, with a delivery-to-factory price of 700-710 yuan/mt for 66-grade wet basis excluding tax. Local trade inquiries have been relatively quiet, and steel mill orders are mainly fulfilled through long-term contracts with beneficiation plants, with minimal external purchases and a strong wait-and-see sentiment on the mines and beneficiation plants side. As the year-end approaches, some beneficiation plants are gradually halting production, exacerbating the tight supply of local iron ore concentrates and providing certain support to local prices. Coupled with the recent strong performance of iron ore futures, this has bolstered the sentiment to stand firm on quotes among beneficiation plants. Additionally, pre-holiday restocking by steel mills has led to a temporary improvement in demand. It is expected that local iron ore concentrate prices may have some upward potential in the near term. [SMM Steel]