SMM

[SMM Domestic Ore Daily Review]
The Tangshan domestic ore market remained relatively stable overall, with the delivery-to-factory price, tax included, for 66% grade iron ore concentrates on a dry basis at 1,005-1,010 yuan/mt. Tight supply and high prices of local ROM and low-grade resources kept beneficiation plant costs elevated. Combined with low inventory levels and flexible production at most plants, the overall tight supply situation in the market was quite evident. Demand side, local steel mills showed no clear restocking momentum, primarily purchasing as needed. Additionally, affected by air quality concerns, there is a possibility of blast furnace curtailments locally, posing a risk of lower hot metal production. The market may face a weak supply and demand situation in the short term. It is expected that local iron ore concentrate prices will likely fluctuate at highs in the near term. [SMM Steel]