[China Iron Ore Mine Brief Comment] East Liaoning iron ore concentrates prices may consolidate

Today, the domestic ore market in eastern Liaoning remained largely stable. Buyers were cautious in their inquiries and purchased only for immediate needs. However, some sellers held back from selling and held prices firm, remaining reluctant to sell below their psychological expectations. Both sides remained in a stalemate and adopted a wait-and-see stance, resulting in thin trading. On the demand side, steel mills were mostly incurring losses and had a strong desire to bargain down prices. Additionally, some mills began maintenance, and demand weakened phasedly, imposing significant pressure on ore prices. Yet, ROM ore supply remained tight. Without notable positive external factors, some local ore beneficiation sites had no production resumption plans in the short term. The market’s low-supply landscape persisted, still providing some support for ore prices. It is estimated that local iron ore concentrate prices will consolidate in the near term. [SMM Steel]