Hurricane Impact Ends, Iron Ore Prices Shift From Strong to Weak [SMM Commentary]

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Today, Dalian iron ore futures turned from strong to weak, with a significant decline in the afternoon. The most-traded I2505 contract finally closed at 810.5 yuan/mt, down 0.98% for the day. Traders sold goods based on market trends, while steel mills restocked as needed. Market transactions were moderate. In Shandong, the mainstream transaction prices of PB fines were 800-805 yuan/mt, up 0-3 yuan/mt from yesterday; in Tangshan, the transaction prices of PB fines were around 820-825 yuan/mt, relatively stable compared to yesterday. Over the weekend, the impact of the Australian cyclone temporarily ended, and iron ore shipments are expected to return to normal next week. The short-term supply support for iron ore has weakened, and a loose supply pattern is expected to continue. Considering the current high valuation, the short-term upward momentum is expected to remain weak, and the market may continue to fluctuate rangebound next week.