[Brief Comment on China Iron Ore] Iron ore prices in the Tangshan region are likely to consolidate on a subdued note

Iron ore concentrate prices in the Tangshan region edged up by 5 yuan, with the current ex-works price for 66% grade iron ore concentrates at 885-890 yuan/mt on a dry basis including tax. Overall resources at mines and beneficiation plants remain relatively tight. However, steel mills have continued to post notable losses recently, and their overall desire to bargain down prices is relatively strong. Coupled with the fact that imported iron ore prices are still on a downward trend, ore prices are unlikely to rise in the short term. Local domestic concentrate prices are expected to consolidate on a subdued note in the near term. [SMM Steel]