Iron ore futures were strong in early trading today but pulled back in the afternoon. The most-traded DCE contract I2701 closed at 715.5 yuan/mt, up 0.70% from the previous trading day. Spot prices at Qingdao Port rose by about 5-11 yuan/mt. Trader offers were moderate, steel mill purchases were mostly need-based, and overall spot transactions were thin.
Iron ore arrivals at ports were generally stable this week. Weighed by worsening steel mill losses, blast furnace hot metal production declined, port inventory shifted to accumulation, and port pick-up volume weakened in tandem. The latest SMM statistics show that total iron ore inventory at 35 major ports nationwide stood at 144.33 million mt, up 840,000 mt WoW; daily average port pick-up volume fell 25,000 mt WoW to 3.21 million mt. End-use demand has yet to show a clear turning point, and iron ore demand is unlikely to improve in the short term. Ore prices may continue to move sideways with a weaker center. [SMM Steel]
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