[Domestic Iron Ore Brief Review] Iron Ore Concentrate Prices in West Liaoning May Have Some Room for Rebound

This week, ferrous metals were in the doldrums. On the first day after the holiday resumption, due to the impact of overseas risk events during the long holiday—primarily the US's plan to impose new tariffs on approximately six industries (including large batteries, cast iron and iron fittings, plastic pipes, industrial chemicals, as well as power grid and telecommunications equipment) and the escalation of US-Iran tensions—overall sentiment fluctuated significantly, and ferrous futures also touched recent lows. Mid-week, with some steel mills in the Tangshan area receiving notifications for voluntary emission reductions during the Two Sessions, coupled with Shanghai's adjustment of housing purchase restrictions and rumors of favorable real estate policies during the Two Sessions, futures rebounded from lows, showing significant sector resonance effects. However, as the weekend approached, no new favorable policies emerged, and futures retreated once again.

In its latest project update released on February 25, 2026, Rio Tinto confirmed that the common rail-to-port infrastructure for the Simandou project in Guinea is targeted for full commissioning by the end of Q1 2026. The company expects initial sales of 5 million to 10 million tonnes of high-grade iron ore in 2026. Mine construction reached 62% completion by the end of 2025, with first ore through permanent crushing facilities slated for the second half of 2026.

Fortescue Metals Group reported a 23% increase in first-half profit on February 25, 2026, driven by record iron ore shipments and higher realized prices. The company noted a 3.0% drop in iron ore production costs and a 6.6% increase in realized prices. Fortescue's performance highlights the resilience of major Australian miners despite fluctuating global demand signals.