According to the announcement from the Emergency Management Bureau of Xiangcheng City, Henan Province, an explosion accident occurred at the factory area of Zhoukou Hongqi Biotechnology Co., Ltd. in Xiangcheng City at 11:09 AM on March 20, 2025. After the accident, the local government immediately activated the emergency response mechanism, organizing firefighting, public security, medical, and emergency management departments to rush to the scene for rescue and disposal operations. The announcement stated that the accident had resulted in 3 people missing and 4 injured. The injured were promptly sent to the hospital for treatment, and their vital signs are currently stable. The search and rescue operations are still ongoing. Additionally, the open flames at the scene have been extinguished, and no secondary disasters have occurred. The cause of the accident is under further investigation, and relevant experts have been deployed to the site for technical investigation.

According to the Emergency Management Bureau of Xiangcheng City, Henan Province, an explosion occurred at the factory area of Zhoukou Hongqi Biotechnology Co., Ltd. in Xiangcheng City at 11:09 AM on March 20, 2025. Following the incident, the local government immediately activated the emergency response mechanism, mobilizing firefighting, public security, medical, and emergency management departments to the scene for rescue and handling operations. The report stated that the accident resulted in three people missing and four injured. The injured were promptly transported to the hospital for treatment and are currently in stable condition, while the search and rescue operations are still ongoing. Additionally, the open flames at the scene have been extinguished, and no secondary disasters have occurred. The cause of the accident is under further investigation, and relevant experts have been deployed to the site for technical inspection.

Weekly Review This week, iron ore prices fluctuated repeatedly. From a fundamental perspective, global shipments remained high, but port arrivals dropped significantly, and port inventories continued to decline. On the demand side, in the first half of the week, heavy pollution in Tangshan led to production restrictions on blast furnaces at some steel mills, causing a slight decline in demand. As the weather improved, sintering machines and blast furnaces resumed production, leading to a recovery in demand. Coupled with low iron ore prices, steel mills increased restocking activities. However, frequent news of crude steel production cuts, combined with the expanding impact of anti-dumping measures, resulted in bearish market sentiment, with iron ore prices showing a weak-to-strong trend. In terms of port prices, PB fines in Shandong rose by 1 yuan/mt MoM. Chart: SMM 62% Imported Ore MMi Index Data Source: SMM This week, domestic ore prices saw a slight decline. Domestic ore prices are expected to remain stable with a weak trend next week. This week, prices in Hebei's Tangshan, Qian'an, and Qianxi regions fell by 1-5 yuan/mt, while prices in west Liaoning's Chaoyang, Beipiao, and Jianping dropped by 5-10 yuan/mt. Prices in east China decreased by 30-49 yuan/mt. After the conclusion of an important meeting this week, some steel mills in the Tangshan area that had undergone maintenance gradually resumed production. Coupled with low raw material inventories, this provided support for local prices. Resources at mines and beneficiation plants remained tight, and the slow progress of resumption of work and production offered some support for local iron ore concentrate prices. On the demand side, as blast furnaces gradually resumed production, local iron ore concentrate prices were further supported. In west Liaoning, iron ore concentrate prices recently saw a slight decline, with 66% grade wet basis ex-factory prices excluding tax at 720-730 yuan/mt. After the Two Sessions, local mines and beneficiation plants gradually resumed normal production. However, according to local sources, the provincial emergency management department is expected to strengthen safety inspections during its visits to local mines from the 18th to the 20th of this month. On the demand side, local steel mills mainly maintained normal production and purchased as needed. In east China, mines and beneficiation plants mostly maintained normal production, with production and sales aligned and no significant inventory pressure. In Shandong's Linyi area, mines and beneficiation plants are expected to resume production soon, which may ease the tight supply of local iron ore concentrates. Outlook for Next Week For imported ore: Macro policies are in a vacuum period, and price trends mainly depend on fundamentals. With shipments from Australia and Brazil gradually recovering, port arrivals are expected to increase significantly. On the demand side, as the peak season arrives, steel demand still has room to grow. Additionally, falling coke prices and improved steel mill profits are accelerating pig iron production growth, supporting iron ore demand. However, the delayed implementation of crude steel production cut policies is limiting the rebound potential of iron ore prices. Overall, iron ore prices are expected to continue upward next week, but the increase may be limited. For domestic ore: Overall, the tight supply of domestic iron ore concentrates persists, with a strong sentiment to stand firm on quotes. Recent market rumors about crude steel production cuts have led to bearish market sentiment. In the short term, domestic iron ore concentrate prices are expected to remain stable with weak fluctuations. Click to View the SMM Metal Industry Chain Database

On March 11, Yinxing Silver Tin stated on the investor interaction platform that as of year-end 2023, the retained resource volume within the mining license scope of its subsidiary Yinman Mining included 184,700 mt of antimony metal content. The company produces silver-lead concentrates and silver-copper concentrates containing antimony, which are sold in the form of mixed powder. In 2024, the company's antimony metal production will be approximately 1,350 mt.

[Brief Review of Domestic Iron Ore: Iron Ore Concentrate Prices in West Liaoning May Fluctuate Downward] Recently, iron ore concentrate prices in west Liaoning have slightly declined, with the ex-factory prices for 66-grade wet basis excluding tax at 720-730 yuan/mt. After the conclusion of the Two Sessions, local mines and beneficiation plants have gradually resumed normal production. However, according to local mines and beneficiation plants, the provincial emergency management department is expected to conduct inspections of local mines from the 18th to the 20th of this month, and the intensity of safety inspections is anticipated to increase.

The Shanxi Provincial Emergency Management Department recently released the 2025 annual safety production supervision and inspection plan to strengthen safety production supervision and management and improve law enforcement efficiency. The plan specifies 77 coal mines as key inspection targets.