[Brief Commentary on Domestic Iron Ore Market] Prices of iron ore concentrates in west Liaoning may have some room to rise.

Domestic iron ore concentrate prices in west Liaoning have remained relatively stable, with ex-factory prices (excluding tax, wet basis) for 66% grade iron ore concentrates ranging from 710 to 715 yuan/mt. According to mines and beneficiation plants, the local land and resources bureau and relevant emergency departments have conducted another round of inspections, which has somewhat hindered production at some mines and beneficiation plants, leading to a tight supply of local iron ore concentrates. Currently, steel mills are mainly purchasing as needed, with no significant production restrictions in place. The short-term market remains a battleground between sellers and buyers in terms of supply and demand. Considering the recent strong performance of iron ore futures in the market, it is expected that there may be a slight upward movement in local iron ore concentrate prices in the short term. [SMM Steel]