SMM

The market price of domestic ore in Liaodong edged up by 10 yuan/mt. Local mining and beneficiation operations remained at low levels, leading to tight availability of spot resources in the market. Coupled with steel mills' pre-National Day restocking expectations, sellers maintained a positive outlook, holding firm on high offers and refusing to acknowledge lower prices. However, due to weak sales of finished steel products, steel mills still showed a strong desire to bargain down prices. To avoid risks, most traders adopted a cautious wait-and-see approach, postponing operations, with only a few making small restocks as needed. Recently, iron ore futures have shown a volatile trend. It is expected that local iron ore concentrate prices may remain in the doldrums in the short term. [SMM Steel]