Spot market trading activity declines, iron ore prices fluctuate rangebound [SMM Commentary]

Today, DCE iron ore futures fluctuated rangebound, with the most-traded contract I2509 closing at 696, down 0.57% for the day. Some traders showed moderate enthusiasm for selling. As the weekend approached, the purchase willingness of steel mills weakened somewhat, with some steel mills conducting tenders as needed. The market trading atmosphere was moderate. The mainstream transaction prices of PB fines in the Shandong region were around 753-757 yuan/mt, up 2 yuan/mt from the lows of yesterday's prices. The transaction prices of PB fines in the Tangshan region were around 760-765 yuan/mt, holding steady compared to yesterday's prices.

As of May 9, SMM data showed that the total inventory at 35 ports was 139.66 million mt, a decrease of 280,000 mt from before the holiday and a decrease of 350,000 mt WoW. The daily average port pick-up volume of imported ore was 3.019 million mt, a decrease of 129,000 mt from before the holiday. The slowdown in the pace of procurement after the holiday led to a downward trend in port pick-up volume. The decline in port inventory significantly narrowed. Looking ahead to next week, iron ore demand is expected to weaken, which will continue to suppress iron ore prices.

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