Today, the iron ore futures continued to decline weakly. The most-traded contract I2505 finally closed at 773, with a daily drop of 1.47%. Traders' willingness to sell was poor; steel mills were mainly cautious and watchful, with a moderate purchase willingness; the market transaction atmosphere was relatively moderate. Mainstream transaction prices fell by 10 yuan/mt WoW; SMM's global iron ore shipment volume was 33.51 million mt, up slightly by 4.4% MoM. SMM's China iron ore arrival volume was 26.98 million mt, down slightly by 7.5% MoM, up 15.8% YoY. Shipments have returned to seasonal normal levels. Supply remains loose. In addition, today's news about steel exports has caused some disturbance to futures prices, and with tariffs expected to be imposed soon, market watchfulness and risk aversion sentiment have increased, negatively impacting the futures market. However, steel mills still have profits recently, and pig iron production still has room for growth, which supports ore prices and makes it difficult to form a significant downward trend. It is expected that the market will continue to fluctuate downward tomorrow...

【SMM Today's News Summary】 ►National Bureau of Statistics: In May, the manufacturing PMI was 49.5%, indicating a certain decline in the boom level of the manufacturing sector. ►Metals prices mostly fell, with coke and alumina prices decreasing by more than 3%, and Shanghai silver, Shanghai copper, and Shanghai tin experiencing the largest declines. ►Interpretation of the impact of the 24th Action Plan for Energy Conservation and Carbon Reduction on the copper smelting industry. ►SMM: Review and Prospect of the Global Energy Storage Market from 2023 to 2030. ►SMM: Expected sustained increase in neodymium-iron-boron production in 2024, with prospects for demand in automobiles, wind power, home appliances, and other rare earths.