Today, the DCE iron ore futures continued to fluctuate rangebound, with the most-traded contract I2509 closing at 709, up 0.28% for the day. Traders sold goods according to market conditions; steel mills' restocking was nearing completion, and they purchased as needed. The market transaction atmosphere was moderate. In Shandong, the mainstream transaction prices of PB fines were around 762-765 yuan/mt, stable compared to yesterday's prices. In Tangshan, the transaction prices of PB fines were around 772-780 yuan/mt, up 0-2 yuan/mt from yesterday's prices. According to SMM statistics, during this week (April 26 to May 2), the impact from blast furnace maintenance on pig iron production was 893,700 mt, a decrease of 25,300 mt WoW from the impact of maintenance last week. The increase in pig iron production significantly narrowed, remaining at a high level. Coupled with the restocking demand from some steel mills, the overall demand for iron ore provided support for spot prices. However, with production restrictions on crude steel and increased market expectations of weaker downstream demand in the future, iron ore prices struggled to rise. It is difficult for prices to rise in the short term, and they are expected to continue fluctuating rangebound.
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