Steel Inventory Pressure Persists, Iron Ore Prices Unlikely to Break Through in the Short Term [SMM Brief Review]

Today, iron ore futures continued to hold up well, with the most-traded contract I2601 closing at 777, up 0.39% from yesterday. Mainstream spot cargo at ports rose by 3 yuan compared to the previous working day. In Shandong, transaction prices for PB fines were 777-783 yuan, holding steady from yesterday; in Hebei, transaction prices for PB fines were 793-796 yuan, up 3 yuan from yesterday. Overall market transactions were moderate, with steel mills purchasing mainly for rigid demand and traders selling at appropriate prices.
Industrial data today showed that SMM hot-rolled coil inventories continued to build up, while building materials saw slight destocking, but overall inventory pressure remained. On the news front, the meeting is expected to conclude soon, and future announcements may impact market sentiment. In the short term, ore prices are likely to fluctuate rangebound.