SGX TSI Iron Ore June Futures Contract Prices Surged

Today, iron ore prices opened higher but showed a volatile weakening trend during the session. The main contract I2605 closed at 813 yuan/ton, up 0.06% from the previous trading session. Spot prices remained largely stable compared to the previous trading day.

[China Iron Ore Brief Review: Iron Ore Concentrate Prices in Shandong May Continue to Fluctuate] In Shandong, the pre-tax dry-basis price of 64-grade alkaline iron ore concentrates at mines and beneficiation plants fell by 5 yuan to 894 yuan, while steel mills also lowered prices in tandem. Most miners maintained normal production, inventory accumulation was not obvious, and most basically had no inventory. Steel mills’ purchases under long-term contracts remained unchanged, with most purchasing as needed and maintaining low inventory operations. On the news front, external market disruptions have not eased, and imported ore prices have remained at a relatively high level, which may provide some support for domestic iron ore