SMM

Today, the price of domestically produced iron ore concentrates in the Tangshan region rose slightly by 5 yuan/mt. The delivery-to-factory price, tax included, for dry-basis 66-grade iron ore concentrates stands at 985-990 yuan/mt. As the year-end approaches, some mines and beneficiation plants are releasing appropriate amounts of ore for capital turnover purposes, while others remain on the sidelines, unwilling to sell below their psychological price expectations. On the demand side, steel mills continue to purchase as needed; however, the recent narrowing of the price spread between domestic and imported ore has slightly enhanced the cost-effectiveness of domestic iron ore concentrates, leading to an improvement in overall market transactions compared to the previous period. Additionally, with imported ore prices still expected to rise in the near term, this is likely to drive the domestic iron ore market, and it is anticipated that local iron ore concentrate prices will continue to have potential for increase next week. [SMM Steel]