[Domestic Iron Ore Brief Review] Iron Ore Concentrate Prices in West Liaoning May Have Some Upside Potential

The transaction activity in the domestic ore market in western Liaoning was relatively sluggish. The leading local steel mill lowered its purchase price, with the mine-mouth price of 66%-grade iron ore concentrates on a wet basis, excluding tax, at 740-750 yuan/mt. Traders are currently relatively cautious in purchasing, showing a strong overall desire to bargain down prices. Ore supply at mines and beneficiation plants remains relatively tight. Relevant national authorities will conduct an inspection in the area at month-end, and local inspections of mines and beneficiation plants have been frequent recently, affecting production at some facilities. Overall, the recent market is characterized by weak supply and demand. Considering the recent recovery trend in imported ore prices, it is expected that local iron ore concentrate prices may see a slight upward potential.[SMM Steel]