Today, DCE iron ore futures continued to rally, with the most-traded contract I2509 closing at 785.5, up 1.81% for the day. Traders were highly motivated to sell, and speculative trading also increased. Steel mills purchased as needed, showing good purchase willingness. The market transaction atmosphere was moderate. In the Shandong region, the mainstream transaction price of PB fines was around 765 yuan/mt, up 10 yuan/mt from the previous day. In the Tangshan region, the transaction price of PB fines was around 775-780 yuan/mt, up 5-10 yuan/mt from the previous day. On July 17, the total inventory at 10 ports tracked by SMM was 100.9 million mt, down 2.35 million mt MoM. Among them, the decline in coarse fines, concentrate fines, and pellets was relatively significant. The tight supply of iron ore in the short term provided price support. Additionally, from today’s industrial data perspective, finished steel inventory remained in a state of slight destocking, with relatively small.

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Source: Metals Market Index (MMI)