SMM

This week in Shandong, the ROM and beneficiation plants offered 64-grade alkaline powder at 864 yuan per tonne on a dry basis, excluding tax, for ex-mine acceptance payment. During the holiday, some large mines underwent maintenance but have now resumed production. A few mines experienced production declines due to ROM shortages, while others maintained normal operations as planned, with no significant impact on overall supply. Steel mills primarily made purchases under long-term agreements, and weekly transactions were moderate. This week, the tug-of-war between longs and shorts in external markets is expected to continue, with the Shandong market likely to see narrow adjustments. Given the relatively stable recent trend in iron ore futures, local iron ore concentrate prices are anticipated to remain steady in the short term. [SMM Steel]