SMM Daily Updates On Domestic Iron Ore Market

SHANGHAI, May 23 (SMM) – This week, the iron ore market in western Liaoning has been relatively stable. The ex-factory prices of Fe66% iron ore concentrates were 700-710 yuan/mt (excluding tax, wet basis). Local supply remains tight, encouraging sellers to hold offers firm. Most pellet plants remain closed due to poor profits. Local steel mills rejected higher iron ore prices as falling steel prices hurt their profits. Steel mills in Chifeng, Inner Mongolia, cut purchases from Liaoning due to output cuts. With supply and demand both being weak, local iron ore prices may change little.