Today, Dalian iron ore futures fluctuated rangebound, with the most-traded contract I2509 closing at 793, down 0.25% for the day. Traders sold goods according to market conditions, while steel mills purchased as needed. The market transaction atmosphere was average. In the Shandong region, the mainstream transaction prices of PB fines were around 775-776 yuan/mt, basically flat compared to yesterday’s prices. In the Tangshan region, the transaction price of PB fines was around 790 yuan/mt, also basically flat compared to yesterday’s prices. Today’s industrial data showed that affected by typhoons and high-temperature weather, the apparent demand for the five major steel products continued to decline this week, and the inventory accumulation rate accelerated, but remained at a low level YoY, having a limited impact on market sentiment. Currently, there were no significant changes in the fundamental or macro fronts. The market was waiting for the implementation of environmental protection-driven production restriction policies in the north. It is expected that the short-term trend will continue to fluctuate rangebound, with limited price fluctuations.

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Source: Metals Market Index (MMI)