Today, the iron ore futures remained stable in the morning but pulled back significantly in the afternoon, trading in the doldrums throughout the day. The most-traded contract I2509 finally closed at 709, with a daily decline of 1.87%. Traders showed a moderate willingness to sell, while steel mills had a good demand for restocking, with a strong willingness to restock at low levels. The market transaction atmosphere was moderate. In Shandong, the mainstream transaction prices of PB fines were around 760 yuan/mt, down 5-10 yuan/mt from yesterday. In Tangshan, the transaction prices of PB fines were around 765 yuan/mt at Caofeidian Port and around 775 yuan/mt at Jingtang Port, down 5 yuan/mt from yesterday. Supported by both fundamental and macro news this week, the price center of iron ore continued to move upward. Looking ahead to next week, some steel mills have restocking needs before the Labour Day holiday, and the overall demand for iron ore will continue to grow. Considering the tariff disturbances and the content of the Politburo meeting expected to be below market expectations, it will suppress the upside potential of iron ore. It is expected that ore prices may continue to rise next week, but the magnitude will be relatively small.
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