[Domestic Iron Ore Brief] Iron Ore Prices in West Liaoning May Experience Volatile Fluctuations

The domestic ore market in western Liaoning was relatively stable, with ex-factory prices for 66% grade iron ore concentrates on a wet basis and excluding tax at 740-750 yuan/mt. Mines and beneficiation plants mostly held prices firm with high offers, while traders, considering their own profits in relation to steel mill pricing, found little profit margin at this price level and showed no intention to purchase for the time being. Steel mills remained concerned about the future market outlook, and given the absence of urgent restocking needs, their overall desire to bargain down prices remained strong. However, recent improvements in steel mill profits continued to provide some support for iron ore prices. Locally, the overall situation reflected weak supply and demand. Overall, it is expected that in the short term, local iron ore concentrate prices may fluctuate. [SMM Steel]