[Brief Review of Domestic Iron Ore Market] Prices of iron ore concentrates in west Liaoning continue to be in the doldrums

Transactions in the domestic ore market in western Liaoning were sluggish. Some ore processors were considering refusing to budge on prices and demanding higher prices amid no inventory pressure. However, the current ex-factory prices of iron ore concentrates (wet basis, excluding tax, 66% grade) remained relatively stable at 680-690 yuan/mt. Traders lacked confidence in the market outlook and had no desire to purchase at high prices, resulting in a clear stalemate and wait-and-see attitude from both sides. The characteristics of the off-season in the market continued, with steel mills controlling their purchase volumes and still having a desire to drive down prices to secure profit margins. Overall, the futures market for iron ore has been in the doldrums recently. It is expected that the local iron ore concentrate prices will continue to be in the doldrums next week. [SMM Steel]