Iron ore futures were weak today. The most-traded DCE contract I2701 closed at 707.5 yuan/mt, down 0.56% from the previous trading day. Spot prices at Qingdao Port showed mixed performance, fluctuating between a decline of 3 yuan/mt and a gain of 2 yuan/mt. Traders showed limited willingness to offer, while some steel mills bought the dip, leaving overall spot transactions muted.
Negative feedback in the market persists, with some steel mills gradually signaling maintenance plans and the demand side remaining weak. The supply side continues to show high inventory, low inventory buildup, and low destocking. In addition, the union negotiation proposal at Port Hedland was formally rejected, but no strike news has emerged yet. After the sharp pullback over the past few days, the market remains in a tug-of-war between longs and shorts, though the overall bearish structure still dominates. On balance, iron ore prices are likely to continue moving sideways in the short term, with the price center skewed to the downside. [SMM Steel]
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