Inventory growth in the industrial database is relatively small, and iron ore prices continue to rise [SMM Comment]

Today, Dalian iron ore futures continued to rise, with a significant expansion in gains. The most-traded contract I2509 closed at 733, up 2.45% for the day. Traders actively sold their cargoes, and speculative trading volume increased. Steel mills purchased as needed, with some locking in profits and increasing purchases. The market transaction sentiment was moderate. In the Shandong region, the mainstream transaction prices of PB fines were around 721-724 yuan/mt, up 8-10 yuan/mt from the previous day. In the Tangshan region, the transaction prices of PB fines were around 735-740 yuan/mt, up 10-12 yuan/mt from the previous day.

Today, the apparent demand for the five major steel products increased slightly. The total inventory growth was relatively small, and there was no significant increase. Coupled with the recent optimistic market sentiment, it drove iron ore futures to continue rising. In the short term, end-use demand is stronger-than-usual during the off-season, providing support to the industry. It is expected that ore prices still have room to rise.

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