[Brief Comment on Domestic Iron Ore Market] The price of iron ore concentrates in the Tangshan region may continue to fluctuate at highs

Today, the domestic ore market in Tangshan rose slightly by 10-15 yuan. The current delivery-to-factory price for 66% grade dry basis ore including tax stood at 950-955 yuan/mt. Steel mills maintained relatively high production enthusiasm, with increased purchase frequency. Mines and beneficiation plants held firm on their offers, with some further raising prices. The willingness of concentrators and traders to purchase at appropriate prices improved. Previously, transportation was hindered by heavy rainfall, but it has gradually returned to normal. Overall market transactions improved compared to the previous period, with bullish sentiment prevailing. However, considering the fluctuating trend of imported ore prices and steel mills' continued desire to bargain down prices, local iron ore concentrates prices are expected to fluctuate at highs in the short term. [SMM Steel]