Today, Dalian iron ore futures fluctuated repeatedly, with the most-traded I2505 contract finally closing at 774 yuan/mt, up 0.19% for the day. Traders remained less motivated to sell; steel mills conducted limited restocking for rigid demand; and the market transaction atmosphere was sluggish. In Shandong, mainstream transaction prices for PB fines were around 773-777 yuan/mt, basically stable compared to yesterday; in Tangshan, PB fines transaction prices were around 780-785 yuan/mt, also stable compared to yesterday. According to SMM port inventory data, port arrivals slightly declined this week, but lower ore prices boosted steel mills' restocking enthusiasm, driving port pick-up volume to continue rising and leading to a significant drop in port inventory, which supported ore prices. Looking ahead to next week, pig iron production is expected to shift from a decline to an increase, further boosting iron ore demand, and iron ore prices may bottom out.
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