Rebar demand weakened, iron ore prices moved downwards after a higher opening and remained in the doldrums [SMM Brief Review]

Today, the iron ore futures moved downwards after a higher opening and remained in the doldrums throughout the day. The most-traded contract I2509 finally closed at 721, with a daily decline of 0.28%. Traders followed the market to sell goods. As the May Day holiday approaches, most steel mills have a restocking demand. The market transaction atmosphere was moderate. The mainstream transaction prices of PB fines in Shandong were around 765-770 yuan/mt, down 5 yuan/mt from yesterday. The transaction prices of PB fines in Tangshan were around 770-780 yuan/mt, down 0-5 yuan/mt from yesterday.
The ongoing US-China trade war has cooled market sentiment. In addition, today's industrial data performance was average. Although the inventory of the five major steel products continued destocking, the apparent demand for rebar and wire rod declined. Downstream demand is gradually shifting from the peak season to the off-season. Fortunately, the current pig iron production is at a high level, and with the May Day holiday approaching, steel mills have started restocking, providing support for iron ore prices. Before the holiday, the market will continue to hold up well.

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