Fundamentals Provide Support, Iron Ore Prices May Fluctuate Upward [SMM Commentary]

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There was no futures market guidance today. Market quotations rose by 2-5 yuan/mt compared to yesterday. Some traders followed the market trend to sell. Steel mill inquiries were limited, and market transactions were sluggish. In Shandong, the mainstream transaction price of PB fines was 810 yuan/mt, up by 2 yuan/mt from yesterday; in Tangshan, the transaction price of PB fines was around 825 yuan/mt, remaining stable compared to yesterday.
There was limited market news today, and without futures market guidance, market prices remained stable. In the short term, with extreme weather events occurring frequently this year, global iron ore shipments have been lower YoY, and short-term supply continues to show a downward trend, providing support for ore prices. Coupled with the upcoming Two Sessions in early March, market expectations are gradually strengthening. It is expected that ore prices may continue to fluctuate upward in the short term.