Iron Ore Port Inventory Shifts from Increase to Decrease Ore Prices Continue to Grind at Bottom [SMM Brief Comment]

Today, the most-traded iron ore futures contract moved downwards after a higher opening and fluctuated downward throughout the day. The most-traded I2505 contract closed at 757.5, with a daily decline of 0.33%. Traders' willingness to sell was relatively low; as the weekend approached, inquiries from steel mills decreased, and some mills purchased as needed; the market transaction atmosphere was quiet. Mainstream transaction prices fell by 2-5 yuan/mt compared to yesterday. As of March 21, recent continuous declines in ore prices have intensified bearish sentiment, and purchase willingness has declined. Looking ahead to next week, both supply and demand for iron ore are expected to increase, but support is limited. However, considering the relatively small imbalance in the industry recently, the market's reaction to production limits and tariffs has weakened, and it is expected that ore prices may rebound slightly after bottoming out next week.