[Brief Review of China’s Iron Ore Market] Resource Supply in West Liaoning Was Tight, and Local Ore Prices Might Rise Slightly

The domestic ore market in western Liaoning was relatively stable. The ex-factory prices of 66-grade iron ore concentrates, wet basis and excluding tax, were 730-740 yuan/mt. A wait-and-see sentiment on supply and demand was evident. Considering the relatively small inventory pressure, mines and beneficiation plants temporarily held back from selling. Against this backdrop, traders showed limited enthusiasm for inquiries, with only a few making bids based on their own needs. Affected by safety and environmental protection inspections, mining was restricted, and a small number of beneficiation plants in production suspended operations for maintenance due to constraints in ROM resources. Circulating spot cargo remained tight, continuing to provide some support for ore prices. In addition, supported by the recent stronger performance of iron ore futures, local iron ore concentrates prices are expected to have some room to rise in the short term. [SMM Steel]