SMM

Today, iron ore futures continued to be in the doldrums, with the most-traded contract I2601 closing at 785.5 yuan, down 0.32% from the previous trading day. Traders sold goods following market trends; approaching the weekend, steel mills' purchase willingness weakened. The overall market transaction atmosphere was average. In the Shandong region, the transaction price of PB fines was 790-793 yuan, up 0-3 yuan/mt from yesterday's transaction price; in the Hebei region, the transaction price of 60.8% PB fines was 795-800 yuan/mt, up 0-3 yuan/mt from yesterday's transaction price.
As of November 21, according to SMM statistics, the total iron ore inventory at 35 ports nationwide was 137.45 million mt, a decrease of 640,000 mt WoW. The daily average port pick-up volume this week was 2.844 million mt, down 61,000 mt WoW. Looking ahead to next week, port arrivals are expected to rebound, while hot metal production may continue to pull back, and port pick-up volume could decline further, potentially leading to renewed accumulation of port inventory. Iron ore prices remain under pressure, and ore prices are expected to continue fluctuating rangebound in the doldrums next week.