[Brief Review of Domestic Iron Ore Market] Iron ore concentrates prices in Shandong Province may fluctuate rangebound

In Shandong, the ex-mine price (before tax, acceptance, dry basis) of 64-grade alkaline concentrates from mines and beneficiation plants was reported at RMB 797, a decrease of RMB 7. Steel enterprises have synchronously lowered their prices, while most miners are maintaining normal production. Recently, some mines and beneficiation plants have launched sales promotions, leading to an improvement in local shipments. However, due to the significant accumulation of inventory in the early stage, the existing inventory has not yet been fully depleted. Shipments from small mills and traders have also improved, but the steel mills' purchasing as needed has made it difficult for the market to achieve bulk transactions. Overall, transactions for the week have improved compared to before the holiday. This week, imported ore still maintains a strong cost-performance advantage, and steel enterprises' favour for imported ore remains unabated. Amid the off-season, domestic ore is still under pressure. It is expected that in the short term, the price of local iron ore concentrates will fluctuate rangebound. [SMM Steel]