Fundamentals remain relatively healthy, iron ore fluctuates rangebound [SMM Brief Comment]

Today, DCE iron ore futures fluctuated rangebound, with the most-traded contract I2509 closing at 727, up 0.14% for the day. Traders showed moderate enthusiasm for selling, with some offering at lower prices; steel mills purchased as needed. The market transaction sentiment was moderate. In the Shandong region, the mainstream transaction prices of PB fines were in the range of 760-765 yuan/mt, down 0-5 yuan/mt from yesterday's prices; in the Tangshan region, the transaction price of PB fines was around 775 yuan/mt, basically flat compared to yesterday's prices. Today, the apparent demand for the five major steel products declined slightly. Total inventory continued to decline. The supply-demand imbalance is accumulating, but the pressure is relatively small. In addition, the State Council held a press conference today, and market expectations are positive, with an optimistic sentiment. Ore prices continued to hold up well. Considering the healthy fundamentals of iron ore in the short term, with ore prices facing upward and downward difficulties, it is expected that ore prices will maintain a rangebound fluctuation in the short term.

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