Macro data deteriorated on a MoM basis, with weak sentiment weighing on iron ore prices, which were in the doldrums [SMM Brief Comment]

Today, the DCE iron ore futures continued to trade in the doldrums, with the most-traded contract I2509 closing at 722.5, down 0.89% for the day. Traders' enthusiasm for selling was moderate; steel mills remained cautious and adopted a wait-and-see attitude, purchasing as needed. The market transaction atmosphere was average. In the Shandong region, the mainstream transaction prices of PB fines were around 760-765 yuan/mt, down 0-5 yuan/mt from last Friday. In the Tangshan region, the transaction prices of PB fines were approximately 770-775 yuan/mt, down 5-10 yuan/mt from last Friday. Last week, SMM shipping data showed that global iron ore shipments increased slightly by 2.42 million mt to 34.05 million mt. Shipments from Australia and non-mainstream countries increased slightly, while Brazil's shipments decreased slightly. Port arrivals for this week decreased slightly by 540,000 mt to 26.27 million mt. Overall supply remained at a moderate level, with some room for future growth, having a limited impact on ore prices. However, today's release of real estate and macro data showed a decline on a WoW basis. Market sentiment was weak. Nevertheless, overall, the fundamental aspects of iron ore itself provide some support, and there are no conditions for a significant decline.

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