[Brief Review of Domestic Iron Ore Market] Frequent Accidents: Iron Ore Concentrates Prices in West Liaoning May Continue to Be in the Doldrums

Prices of domestically produced iron ore concentrates in west Liaoning have fluctuated downward, with ex-factory prices (excluding tax, wet basis, 66% grade) decreasing by 10-15 yuan/mt, now quoted at 680-690 yuan/mt. According to SMM, an illegal mining accident recently occurred in Jianping, Chaoyang, resulting in casualties. Local provincial leaders are set to inspect the area, leading to the temporary shutdown of some beneficiation plants. The tight supply of local iron ore concentrates is likely to persist. On the demand side, steel mills are mainly purchasing as needed, with a strong overall desire to bargain down prices. Coupled with the recent weak performance of the iron ore futures market, overall market confidence is low. It is expected that in the short term, local iron ore concentrate prices will continue to be in the doldrums. [SMM Steel]