The total steel inventory experienced significant destocking, providing support for iron ore prices. [SMM Brief Review]

Today, the iron ore futures opened with a fluctuating rise but weakened in the afternoon. The most-traded contract I2509 finally closed at 707, with a daily decline of 0.07%. Traders' willingness to sell was moderate; steel mills cautiously observed the market, with general inquiries; the market transaction atmosphere was sluggish. The mainstream transaction prices of PB fines in Shandong were around 762-765 yuan/mt, remaining stable compared to yesterday; the transaction prices of PB fines in Tangshan were near 770-775 yuan/mt, down 0-5 yuan/mt from yesterday.
Today's industry data showed that the apparent demand for rebar was impressive. The decline in inventory of the five major steel products expanded. The supply and demand in the industry were healthy. In addition, the total inventory of SMM's ten main ports decreased by 2.18 million mt MoM. The demand for iron ore was good, providing price support, and it is expected to hold up well in the short term.

》Order to view SMM metal spot historical prices