The Most-Traded I2309 Iron Ore Contract Rose Today

The most-traded I2309 iron ore contract rose today, closing up 2.47% at 830.5 yuan/mt. Traders were still enthusiastic about shipments. Steel mills were in a strong wait-and-see mood, and their willingness to purchase was weak. Today's overall market transaction atmosphere appeared tepid. The transaction prices of PB fines in Shandong were mostly 865-872 yuan/mt, down 0-3 yuan/mt than yesterday. The transaction price of SSF in Tangshan was 732 yuan/mt. According to the data released by the National Statistical Database today, in May, the profits of large industrial enterprises fell by 12.6% year-on-year, which was narrower than that in April, and narrowed for three consecutive months. The overall corporate profits showed a steady recovery trend. In addition, the sentiment improved amid impact of policy released yesterday. Iron ore market will continue to swing on a good trajectory. Tomorrow's apparent demand and inventory for finished goods may be relatively weak, which will weaken the market sentiment, and iron ore prices may be volatile.