SMM

Trading activity in the domestic ore market in western Liaoning remained sluggish. The current ex-factory price for Fe66% iron ore concentrates on a wet basis, excluding tax, stood at 750–760 yuan/mt, up 10–15 yuan/mt. The relatively tight supply of iron ore concentrates provided some support to ore prices. However, steel mills and traders continued to show a strong desire to bargain down prices, with most purchasing as needed. In the short term, the market is characterized by weak supply and demand. Given the recent strength in iron ore futures, local iron ore concentrate prices are expected to have some room for further increases in the near term. [SMM Iron Ore]