Frequent bullish news on coking coal drives iron ore prices to rebound slightly [SMM Commentary]

Today, DCE iron ore futures rebounded slightly, with the most-traded contract I2509 closing at 704.5, up 1.37% for the day. Traders were moderately enthusiastic about selling, and some steel mills increased their procurement to lock in profits. The market transaction atmosphere was moderate. The mainstream transaction prices of PB fines in Shandong were in the range of 733-737 yuan/mt, up slightly by 5-7 yuan/mt from yesterday's prices. The transaction prices of PB fines in Tangshan were around 745-750 yuan/mt, up slightly by 5 yuan/mt from yesterday's prices. Today, there were frequent bullish news in the coking coal market, boosting market sentiment and driving an overall rebound in the ferrous metals series. As steel mill profits remain moderate, there are fewer blast furnace maintenance plans, and pig iron production is expected to remain high in the short term, providing support for ore prices and driving them to hold up well.

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