Market Sentiment Remains Weak, Iron Ore Prices Fluctuate Downward [SMM Commentary]

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Today, Dalian iron ore futures continued to fluctuate downward. The most-traded I2505 contract closed at 805, down 0.8% for the day. Traders sold goods following market trends; steel mills purchased as needed; market transaction sentiment was moderate. In Shandong, mainstream transaction prices for PB fines were 803-808 yuan/mt, down 0-5 yuan/mt from yesterday; in Tangshan, transaction prices for PB fines were around 815 yuan/mt, down 5 yuan/mt from yesterday's high. Based on today's inventory and apparent demand data for the five major steel products, the growth in apparent demand for rebar slowed. Total inventory slightly increased, indicating downstream demand is still recovering. However, iron ore was affected by crude steel production cuts, fluctuating downward. Considering industrial data support and the upcoming Two Sessions, market sentiment remained moderate, and short-term ore prices are unlikely to see significant declines, maintaining rangebound fluctuations.