[Brief Review of Domestic Iron Ore Market] The price of iron ore concentrates in the Tangshan region may have some room to decline

Iron ore concentrate prices in the Tangshan region surged this week, with the delivery-to-factory price (tax-included, dry basis) for 66% grade concentrates rising by 40-50 yuan/mt to 940-950 yuan/mt. Most mines and beneficiation plants maintained normal production as planned, with moderate willingness to sell. The substantial local price increase has once again created a price spread between Tangshan and other domestic regions, notably widening to 40-50 yuan/mt compared with western Liaoning. Steel mills primarily purchased as needed, exhibiting strong wait-and-see sentiment amid high prices, while maintaining relatively low inventories of domestic ore and demonstrating a pronounced desire to bargain down prices. Given the recent risk of a downturn in iron ore futures, local concentrate prices may weaken in the near term. [SMM Steel]