Rebar apparent demand rebounds, driving iron ore prices to rebound slightly [SMM Commentary]

Today, DCE iron ore futures rebounded slightly, with the most-traded contract I2509 closing at 707, up 1.29% for the day. Traders were moderately enthusiastic about selling; as the weekend approached, steel mills increased their restocking. The market transaction atmosphere was moderate. The mainstream transaction prices of PB fines in Shandong region ranged from 735-740 yuan/mt, up 0-5 yuan/mt from yesterday's prices; the transaction prices of PB fines in Tangshan region hovered around 750-755 yuan/mt, up 5 yuan/mt from yesterday's prices. Today's industrial data showed some improvement, with a slight increase in the apparent demand for rebar. Total inventory continued to decline. This boosted market sentiment. Coupled with potential fluctuations in tariffs, ore prices rebounded somewhat. However, the industry remains in a downturn, compounded by the ongoing interference of the crude steel production reduction policy, which suppresses the upside potential of ore prices. It is expected that iron ore prices will continue to fluctuate rangebound in the short term.

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