Today, Dalian iron ore futures rose strongly, with the most-traded contract I2509 closing at 809, up 2.08% for the day. Traders were active in selling. Steel mills purchased as needed, with relatively strong purchase willingness. The market transaction sentiment was moderate. In Shandong, the mainstream transaction prices of PB fines were around 785 yuan/mt, up 20 yuan/mt from last Friday. In Tangshan, the transaction prices of PB fines were around 800 yuan/mt, also up 20 yuan/mt from last Friday.
The MoM increase in SMM's global iron ore shipments and arrivals expanded, adding pressure to iron ore supply. However, news broke over the weekend that the hydropower project downstream of the Yarlung Zangbo River officially commenced, with an investment scale that set a historical record, sparking enthusiasm in the financial market for long positions and driving up iron ore prices. The short-term sentiment is relatively optimistic. With the Political Bureau meeting approaching, it is expected that iron ore prices will continue to hold up well.
