Market Transactions Remain Sluggish, Iron Ore Prices Continue to Fluctuate Upward [SMM Commentary]

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Today, DCE iron ore futures continued to fluctuate upward. The most-traded I2505 contract finally closed at 803, up 0.69% for the day. Few offers were made by traders. Steel mills have completed pre-holiday restocking, resulting in limited inquiries. Market transactions were minimal today. In Shandong, the mainstream transaction prices of PB fines were 790-793 yuan/mt, up 0-3 yuan/mt from yesterday. In Tangshan, the transaction price of PB fines was around 815 yuan/mt, holding steady at the high level compared to yesterday. As of January 24, SMM data showed that the total inventory at 35 ports was 145.28 million mt, down 1.58 million mt WoW but up 20.66 million mt YoY. The daily port pick-up volume of imported ore was 3.194 million mt, down 18,000 mt WoW but up 260,000 mt YoY. This week, port arrivals declined significantly. Additionally, due to the slowdown in steel mills' restocking pace before the Chinese New Year, port pick-up volumes showed a slight downward trend. Looking ahead to next week, port inventories may slightly increase. However, market transactions have essentially concluded, with limited impact on prices. In the short term, considering the healthy fundamentals and positive macro factors, ore prices are expected to continue fluctuating upward.