SMM

The domestic ore market in western Liaoning was sluggish. This week, the ex-factory price of Fe66% iron ore concentrates (wet basis, tax excluded) in the region decreased by 10-15 yuan/mt, currently standing at 880-890 yuan/mt. Frequent rainfall in the area recently has led traders to consider the high moisture content of iron ore concentrates, resulting in low purchasing activity. Only a few low-price inquiries were made, and the enthusiasm for purchasing was generally moderate. Steel mills restocked on demand when prices were low, and there was still a rigid demand for iron ore. However, due to the characteristics of the off-season and the average profitability of steel mills, their desire to drive down prices on the raw material side remained unchanged. Mines and beneficiation plants currently have a strong reluctance to budge on prices. Overall market transactions were weak, and there was still a tug-of-war between sellers and buyers. It is expected that the price of local iron ore concentrates may remain in the doldrums next week. [SMM Steel]