Iron ore ports continue destocking, supporting prices to continue surging [SMM Commentary]

Today, DCE iron ore futures continued to rally, with the most-traded contract I2509 closing at 785.5, up 1.81% for the day. Traders were highly motivated to sell, and speculative trading also increased. Steel mills purchased as needed, with relatively good purchase willingness. The market transaction atmosphere was moderate. In Shandong, the mainstream transaction prices of PB fines were around 765 yuan/mt, up 10 yuan/mt from yesterday; in Tangshan, the transaction prices of PB fines were around 775-780 yuan/mt, up 5-10 yuan/mt from yesterday.
On July 17, the total inventory at 10 ports, as tracked by SMM, was 100.9 million mt, down 2.35 million mt MoM. Among them, the decline in coarse fines, concentrate fines, and pellets was relatively significant. The tight supply of iron ore in the short term provided price support. In addition, from today's industrial data, finished steel inventory remained in a state of slight destocking, with relatively small industrial contradictions and sufficient market confidence. In the short term, iron ore will continue to hold up well, with opportunities for further rallies.

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