[Brief Review of Domestic Iron Ore Market] Iron ore concentrates prices in Shandong region may be in the doldrums

[SMM Daily Commentary on Domestic Ores]
This week, Shandong miners reported a mine-mouth price of RMB 865 (up by 21) for 64% grade alkaline concentrate on a dry basis, before tax, and acceptance payment. Steel mills also raised their prices in tandem. Most miners are operating normally, with overall local shipments being average. Some mines and beneficiation plants have seen an accumulation of inventory, while shipments from small mills and traders have been relatively average. Currently, the cost-effectiveness of domestic iron ore concentrates has weakened. Steel mills are mainly purchasing as needed, with demand support diminishing. Overall market transactions are likely to remain sluggish. Coupled with the recent volatile trend of imported iron ore, it is expected that the price of local iron ore concentrates will remain in the doldrums in the short term. [SMM Steel]