Supported by both fundamentals and macro expectations, iron ore prices held up well. [SMM Brief Review]

Today, iron ore futures held up well throughout the day. The most-traded contract I2509 closed at 715.5, up 1.27% for the day. Traders were active in selling, while steel mills showed a cautious sentiment with relatively weak purchase willingness. The market transaction atmosphere was sluggish. In Shandong, the mainstream transaction prices of PB fines were around 770 yuan/mt, up 10-15 yuan/mt WoW from last Friday. In Tangshan, the transaction prices of PB fines were around 775-780 yuan/mt, up 10-15 yuan/mt WoW from last Friday. SMM's global iron ore shipments totaled 31.32 million mt, down 1.2% WoW. Shipments from Australia and Brazil increased slightly, while those from non-mainstream mines declined significantly. SMM's iron ore arrivals in China totaled 21.6 million mt, down 25.3% WoW. In the short term, supply pressure is relatively small, and pig iron production has not yet peaked. Iron ore's fundamentals remain strong, coupled with the upcoming Politburo meeting in late April, the market expects favorable policies. It is expected that ore prices will continue to hold up well in the short term.

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