Iron Ore Spot Price In the Doldrums, Sluggish Trading Activity {{SMM Commentary}}

Today, there was no guidance from the futures market, and spot market prices remained in the doldrums. Traders' enthusiasm for quoting was average; steel mills adopted a cautious wait-and-see attitude, with fewer inquiries. The market transaction atmosphere was sluggish. In Shandong, the mainstream transaction price of PB fines was around 760 yuan/mt, stable compared to Friday's price. In Tangshan, the transaction price of PB fines at Caofeidian Port was around 765 yuan/mt, and around 775 yuan/mt at Jingtang Port, also stable compared to Friday's price. Looking ahead to next week, news of crude steel production cuts has resurfaced, but it is difficult to verify its authenticity, which will interfere with market sentiment. However, as the May Day holiday approaches, steel mills' restocking has not yet concluded, and spot demand remains robust, providing support for prices. It is expected that ore prices will remain firm before the holiday.

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