Iron ore prices showed a turnaround

Today, the most-traded 2407 iron ore contract stopped falling and rebounded. The most-traded contract closed at 839.5 yuan/mt, up 0.96% for the day. Sellers showed moderate enthusiasm for shipments; steel mills had good inquiries, and their willingness to purchase increased. Overall market transaction sentiment was moderate today. In Shandong, PB fines traded at 825-835 yuan/mt, up 2-10 yuan/mt from yesterday; in Tangshan, PB fines traded at 853-860 yuan/mt, up 5 yuan/mt from yesterday. According to SMM's tracking, the total inventory of iron ore at the top ten main ports continued to accumulate, but the rate of accumulation narrowed. Among them, fines inventory continued to accumulate; however, the inventory of imported iron ore concentrates, pellet, and lump slightly declined. Overall, iron ore demand was moderate. Additionally, today's steel demand data met market expectations, improving market sentiment, and iron ore prices showed a turnaround.