[Domestic Iron Ore Brief] Prices in west Liaoning may stay in the doldrums, but downside is limited

[SMM China Ore Brief]

Iron ore concentrate prices in west Liaoning have declined notably, with 66% grade iron ore concentrates currently priced at 650-660 yuan/mt. Most mines and beneficiation plants are in a state of suspension, keeping overall supply relatively tight; however, steel mills are suffering significant losses and have a strong desire to bargain down prices. Market transactions are currently sluggish, and suspended mines and beneficiation plants show no clear willingness to resume production. Overall, iron ore prices are expected to remain in the doldrums in the short term, but the downside is expected to be relatively limited. [SMM Steel]