Data on the Five Major Materials Showed Moderate Performance, Iron Ore Prices Rebounded Slightly in the Afternoon [SMM Brief Comment]

This morning, the iron ore futures continued to hit new lows and rebounded in the afternoon. The most-traded I2505 contract finally closed at 762, with a daily decline of 0.46%. Traders sold goods according to market conditions; steel mills cautiously observed, with moderate purchase willingness; the market transaction atmosphere was average. Mainstream transaction prices were basically stable compared to yesterday. This week, the steel industry data was released, showing that the apparent demand for the five major types of steel continued to grow. Inventory maintained a downward trend. In particular, the apparent demand for rebar continued to increase, and the destocking rate was moderate, providing some support to the futures market. However, there are certain concerns about negative feedback in the market, and it is expected that ore prices will have difficulty strengthening in the short term...