[Brief Review of Domestic Iron Ore Market] Prices of iron ore concentrates in west Liaoning may decline slightly

Prices in the domestic ore market in western Liaoning remained relatively stable, with ex-factory prices for 66%-grade wet-base ore (excluding tax) at 700-710 yuan/mt. Operations at mines and beneficiation plants remained at relatively low levels, while mines showed strong reluctance to budge on prices amid tight local supply. Demand side, steel mills adopted cautious procurement strategies, mainly fulfilling previous orders. Most mills purchased as needed, resulting in sluggish overall market transactions. Recent volatile iron ore futures, coupled with mills' strong desire to bargain down prices, may lead to slight declines in local iron ore concentrate prices. [SMM Steel]