Mixed news intensifies fluctuations in iron ore prices [SMM Commentary]

This morning, DCE iron ore futures continued to rally, breaking through the 770 mark and reaching a high of 772. After a brief pullback in the afternoon, prices rebounded again. The most-traded contract I2509 closed at 767, with a daily increase of 0.13%. Traders sold goods according to market conditions. Steel mills purchased as needed. The market transaction atmosphere was moderate. In the Shandong region, the mainstream transaction prices of PB fines were around 750-754 yuan/mt, up 5 yuan/mt from yesterday's high; in the Tangshan region, the transaction prices of PB fines were around 765 yuan/mt, unchanged from yesterday's prices;

From the latest data released by the National Bureau of Statistics today, the economic situation in Q2 improved, boosting market confidence. The futures market rallied to a nearly three-month high. However, in the afternoon, content from the 2025 Urban Work Conference was leaked, which was below market expectations. The futures market weakened slightly. Currently, the overall market expectation is strong, coupled with fundamental support, making it difficult for iron ore prices to fall sharply. In the short term, prices will continue to hold up well.

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