No Positive Macro News, Iron Ore Prices Weakened First Then Strengthened [SMM Imported Ore Daily Brief]

Iron ore futures showed a weak-then-strong pattern today. The most-traded contract I2609 ultimately closed at 817 yuan/mt, basically flat compared to the previous trading day. Port spot prices were down 2-5 yuan/mt from the previous day. Traders offered prices in line with the market; steel mills purchased as needed; overall spot trading sentiment was lukewarm.
SMM ten-port data by product category showed that total port inventory fell 1.7 million mt MoM from pre-holiday levels, with fines, concentrates, and lump ore all destocking. By major product, inventories of Jimblebar fines, blended fines, Mac fines, and super special fines declined notably, while inventories of IOCJ fines, PB fines, PB lump, and Newman fines increased somewhat, posing certain pressure on future prices. On the macro front, market attention today focused on Trump's visit to China. As of now, no positive news has emerged, and attention should be paid to the impact of subsequent news on futures. Ore prices are expected to maintain a fluctuating trend at highs in the short term.