Industrial Data Supports Continued Upward Fluctuation in Iron Ore Prices [SMM Brief Review]

Today, the iron ore futures fluctuated upward throughout the day. The most-traded contract I2505 finally closed at 789, with a daily increase of 1.2%. Traders actively sold goods, steel mills purchased as needed, and the market transaction atmosphere was average. The mainstream transaction prices of PB fines in Shandong region were 785-788 yuan/mt, up 5-10 yuan/mt from yesterday. The transaction prices of PB fines in Tangshan region were around 795-800 yuan/mt, up 10-15 yuan/mt from yesterday. This week, the data of the five major steel products performed well, with rebar and HRC inventories continuing to decline, lower than the same period in previous years. Coupled with the improvement in market sentiment, iron ore prices continued to climb and fluctuate upward. In the short term, ore prices are supported and will continue to fluctuate upward.

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