The market impact is relatively small, and iron ore prices remain stable [SMM Commentary]

Today, Dalian iron ore futures fluctuated rangebound, with the most-traded contract I2509 closing at 793, down 0.25% for the day. Traders sold goods according to market conditions; steel mills purchased as needed. The market transaction atmosphere was ordinary. The mainstream transaction prices of PB fines in the Shandong region were around 775-776 yuan/mt, basically flat compared to yesterday's prices; the transaction price of PB fines in the Tangshan region was around 790 yuan/mt, also basically flat compared to yesterday's prices. Today's industry data showed that, affected by typhoons and high-temperature weather, the apparent demand for the five major steel products continued to decline this week, and the inventory accumulation rate accelerated, but remained at a low level YoY, having a limited impact on market sentiment. Currently, there are no significant changes in the fundamental or macro fronts. The market is waiting for the implementation of environmental protection-driven production restriction policies in the north. It is expected that the short-term trend will continue to fluctuate rangebound, with limited price fluctuations.