[Brief Review of Domestic Iron Ore Market] Prices of iron ore concentrates in the Tangshan region may fluctuate rangebound

The domestic ore market in the Tangshan region remained generally stable, with the delivery-to-factory price (including tax) for 66-grade dry-basis ore at 920-930 yuan/mt. However, most beneficiation plants and traders maintained a cautious stance, with offers failing to meet seller expectations, leading to a notable standoff. It is understood that due to pressure from steel enterprises and the scarcity of low-priced resources, independent beneficiation plants are experiencing severe losses, with most halting production for maintenance and adopting a wait-and-see approach towards the market. The overall operating rates of major mines are at a relatively low level, resulting in a weakened market supply. Steel mills currently have certain expectations for restocking, indicating overall support for domestic iron ore prices. However, considering the weak trend in the futures market for iron ore, it is expected that the price of local iron ore concentrates will fluctuate rangebound in the short term. [SMM Steel]