Iron Ore Swung On A Weak Note

I2309 contract closed at 797.5 yuan/mt, down 0.99%. Traders were generally enthusiastic about shipments, and their quotations were relatively firm. The wait-and-see mood of steel mills increased, mainly purchasing on demand. The overall market trading was average. The transaction prices of PB fines in Shandong stood at 845-855 yuan/mt, down 0-5 yuan/mt yesterday. Overall, as the Dragon Boat Festival is approaching, some steel mills still had periodic replenishment needs, but the demand for rebar was soft, and the willingness of steel mills to replenish inventory was weak. Production reduction is expected to be gradually implemented, and the sustainability of iron ore demand remained to be seen. In addition, the market's sentiment towards macro policies weakened, and iron ore continued to swing on a soft note.