Fundamentals Fluctuate Relatively Small, Iron Ore Prices Continue to Fluctuate Rangebound [SMM Brief Review]

Today, iron ore futures continued to fluctuate rangebound, with the most-traded contract I2601 closing at 772.5 yuan, up 0.26% from the previous trading day. Mainstream spot cargo prices edged up by 0-2 yuan/mt compared to the previous trading day. In Shandong, transaction prices for PB fines with over 61% specifications were at 780-783 yuan, while mainstream transaction prices for 60.8% PB fines were at 775-778 yuan/mt, up 0-2 yuan/mt from yesterday. In Hebei, mainstream transaction prices for 60.8% PB fines were at 785-788 yuan/mt, up 0-2 yuan/mt from yesterday.

Industrial data today showed a slight decline in the total demand for the five major steel products. Inventory remained in a destocking state, aligning with the seasonal pattern, which had a relatively small impact on market prices. From the supply-demand perspective of iron ore itself, the short-term situation is relatively healthy, with demand for iron ore still supported. Iron ore prices followed steel prices in narrow fluctuations.