Today, iron ore futures fluctuated, with the most-traded contract I2601 closing at 776 yuan, down 1.08% from yesterday. Traders sold at market prices, while steel mills mainly purchased as needed, resulting in generally subdued market sentiment. In Shandong, mainstream transaction prices for PB fines were around 772-775 yuan/mt, while in Tangshan, PB fines traded at 780-785 yuan/mt, basically flat from yesterday.
According to SMM port inventory data, iron ore inventories at 35 ports nationwide stood at 130.67 million mt, up 1.4 million mt WoW. However, considering the impact of reduced shipments earlier, port inventory pressure is expected to remain limited in the near term. Hot metal production is anticipated to stay at relatively high levels, and iron ore prices may continue to fluctuate at highs next week. [SMM Steel]
