Today, Dalian iron ore futures pulled back from highs and traded in the doldrums throughout the day. The most-traded contract I2509 eventually closed at 731, with a daily decline of 0.68%. Traders sold goods according to market conditions. Steel mills adopted a wait-and-see attitude cautiously, with weak purchase willingness. The market transaction atmosphere was average. The mainstream transaction prices of PB fines in the Shandong region were around 720-723 yuan/mt, falling back by 2 yuan/mt from the highs of last Friday. The transaction prices of PB fines in the Tangshan region were around 730-735 yuan/mt, down by 2-5 yuan/mt from last Friday. SMM shipping data showed that after the end of the quarter-end push for target, shipments from mines declined significantly, alleviating short-term supply pressure. However, market sentiment was affected by the impending end of the tariff exemption period, causing futures prices to come under slight pressure and decline. Currently, the iron ore market is characterized by weak supply and demand, with ore price fluctuations mainly driven by policy expectations. In the short term, close attention should be paid to tariff policy developments and the impact of the important meeting in July on the market.

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Source: Metals Market Index (MMI)