Fundamentals remain relatively unchanged, iron ore prices fluctuate rangebound [SMM Brief Review]

Today, iron ore futures basically fluctuated rangebound, with the most-traded contract I2605 closing at 781.5, up 0.58% from the previous working day. Traders sold at market prices; steel mills purchased as needed, with relatively few inquiries. Market transaction sentiment was sluggish. In Shandong, the transaction price for PB fines was 791-795 yuan, basically stable WoW; in Hebei, the transaction price for PB fines was 805-813 yuan/mt, basically stable WoW. According to SMM shipping data, last week, global iron ore shipments totaled 35.77 million mt, up 2.6 million mt WoW, an increase of 7.8%. This week, shipments from Australia, Brazil, and non-mainstream sources all increased. SMM China's iron ore arrivals totaled 28.06 million mt, down slightly by 30,000 mt WoW. Supply fluctuations were relatively small. Demand side, due to environmental protection-driven production restrictions affecting some blast furnaces in Hebei resuming production and some blast furnaces starting maintenance, the overall demand decline narrowed. Short term, without macro tailwinds, ore prices may continue their sideways movement.