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

Iron ore concentrate prices in west Liaoning edged up slightly, with ex-factory prices for 66%-grade wet-base material (excluding tax) at 780-790 yuan/mt. The continuous rally in iron ore futures, coupled with steel mills' increased purchase prices, prompted beneficiation plants holding spot cargo to raise offers significantly. However, steel mills remained cautious in operations, maintaining demand-based procurement. Specifically, they purchased moderately when suppliers quoted higher volumes, leading traders to retain concerns over downstream risks. The lack of strong sentiment for high-price purchases kept overall market transactions relatively sluggish. Given the recent strong performance of iron ore futures, local iron ore concentrate prices may still have some upward room in the short term. [SMM Steel]