[Brief Review of Domestic Iron Ore Market] The price of iron ore concentrates in the Tangshan area may be in the doldrums

The Tangshan domestic ore market has recently been in the doldrums, with the delivery-to-factory price for 66% grade dry basis including tax at 920-930 yuan/mt. Recently, the two major local steel mills have had relatively low procurement volumes, and just-in-time procurement operations have supported suppliers' shipment sentiment. Additionally, local mine prices have risen, and surrounding resources are tight with firm prices, resulting in high producer costs. Furthermore, the inflow of low-grade resources from Chengde has been hindered, supporting local producers' firm pricing. However, steel mills remain relatively cautious in overall procurement, with a strong desire to bargain down prices. Coupled with the recent weak trend in the iron ore futures market, it is expected that local iron ore concentrate prices may continue to fluctuate weakly. [SMM Steel]