Turning Point in Total Inventory of Five Major Materials Suppresses Iron Ore Price Increase [SMM Brief Comment]

》View SMM Steel Product Prices, Data, and Market Analysis

》Subscribe to View SMM Historical Spot Metal Prices

Today, Dalian iron ore futures opened lower but closed higher, fluctuating upward throughout the day. The most-traded I2505 contract finally settled at 782 yuan/mt, rising slightly by 0.64% for the day. Traders' willingness to sell was moderate, and some steel mills purchased as needed. Today's market trading sentiment was average. In Shandong, the mainstream transaction prices of PB fines were around 780 yuan/mt, up 5 yuan/mt compared to Tuesday; in Tangshan, PB fines transaction prices were at 790-795 yuan/mt, also up 5 yuan/mt compared to Tuesday. Industry data released today showed a turning point in total inventory, with a slight accumulation beginning. Apparent demand declined significantly, and the off-season effect became more pronounced. However, pig iron production is expected to stabilize next week, and raw material restocking by steel mills is anticipated to increase. Iron ore prices have some support and may continue a fluctuating upward trend in the short term.