Today, iron ore futures first fell then rose, holding up well throughout the day. The most-traded contract I2601 finally closed at 804.5, up 1.13% WoW. Traders sold goods following the market trend; prices fluctuated significantly, steel mills cautiously watched and inquiries were average. Market transaction atmosphere was sluggish. In Shandong, mainstream transaction prices for old PB fines were around 795-798 yuan/mt, up 3-5 yuan/mt from the previous trading day; in Tangshan, transaction prices for PB fines were 800-805 yuan/mt, up 3-5 yuan/mt from the previous trading day.
Due to the holiday factor, last week, SMM global iron ore shipments totaled 28.62 million mt, down nearly 20% WoW. SMM China iron ore arrivals totaled 20.89 million mt, down over 30% WoW. Iron ore supply pressure is relatively small. However, affected by news of tariffs and the imposition of special port dues on vessels, iron ore prices first fell then rose. Price fluctuation amplitude increased. Short-term, affected by news, futures fluctuated sharply. But from a fundamental perspective, current iron ore demand remains high, providing support for ore prices. Later, pay attention to observe the impact of changes in steel mill profits on hot metal.
