The Market Is Generally Bearish, and Iron Ore Prices Continue to Drop Slightly [SMM Commentary]

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Today, DCE iron ore futures continued to drop slightly. The most-traded I2505 contract closed at 750, down 1.38% for the day. Traders showed moderate willingness to offer. Steel mills purchased as needed. Today's transaction atmosphere was moderate. In Shandong, the mainstream transaction prices of PB fines were around 755 yuan/mt, stable compared to yesterday; in Tangshan, the transaction prices of PB fines were 770 yuan/mt, also stable compared to yesterday. According to SMM statistics, this week, blast furnace maintenance affected pig iron production by 1.8441 million mt, down more than 150,000 mt WoW. Pig iron production is expected to rebound this week. However, as the market generally holds a bearish outlook on future demand, this has put pressure on ore prices. Nevertheless, given the restocking demand from steel mills over the past two weeks, spot prices have received some support, and the downside space for iron ore prices is expected to be relatively small.