[Brief Review of Domestic Iron Ore Market] Iron ore prices in west Liaoning may be in the doldrums

Prices at the mines and beneficiation plants in west Liaoning have remained relatively stable. The ex-factory prices (66% grade, wet basis, tax excluded) are 700-710 yuan/mt. There has been a divergence in beneficiation operations, with some mines still refusing to budge on prices, while others are selling in line with market conditions. Overall, transaction volumes have been average. Recently, according to feedback from the mines and beneficiation plants, relevant provincial departments will conduct inspections on local tailings ponds. Most mines and beneficiation plants are operating normally, but a few small and medium-sized ones face the risk of suspension. Currently, steel mills are mainly purchasing as needed, with no significant improvement in overall demand. It is expected that in the short term, local iron ore concentrate prices will likely be in the doldrums. [SMM Steel]