Fundamentals remain weak, iron ore prices to continue in the doldrums next week [SMM Brief Review]

Today, iron ore futures fluctuated rangebound, with the most-traded contract I2605 closing at 760.5, down 0.33% from the previous trading day. Traders sold goods following market trends; approaching Friday, steel mills' purchase willingness was average, with some mills pressing down prices to purchase as needed. The market transaction atmosphere was moderate. In the Shandong region, the transaction price for PB fines was 778-782 yuan/mt, up 0-3 yuan/mt from yesterday; in the Hebei region, the transaction price for PB fines was 792-800 yuan/mt, up 0-3 yuan/mt from yesterday.

Today's new regulations on port storage fees sparked market discussion. If implemented, they would have a significant impact on some foreign enterprises and non-mainstream traders, potentially triggering short-term market sell-offs, with market sentiment leaning pessimistic. Considering that the macro narrative has largely concluded, iron ore prices have returned to fundamentals, yet fundamentals remain weak. Ore prices are expected to continue in the doldrums next week.