Industry data provides support, with iron ore prices consolidating [SMM Commentary]

[Daily Brief on Imported Ore]

The most-traded iron ore futures contract i2509 fluctuated rangebound today, closing at 811 yuan/mt, down 0.55% for the day. Traders sold cargoes following market trends. Steel mills purchased as needed. Market transaction sentiment remained moderate. In Shandong, mainstream transaction prices of PB fines were around 785-788 yuan/mt, down 0-3 yuan/mt from yesterday. In Tangshan, PB fines traded around 800-805 yuan/mt, basically stable versus yesterday.

Recent market sentiment showed signs of easing, with futures prices consolidating. Industry data indicated weekly apparent demand remained high. Off-season inventory saw minor destocking, continuing to support ferrous products. Short-term, market fundamentals held up well. Market participants monitored potential impacts from key meetings on sentiment.