SMM

This morning, Dalian iron ore futures fluctuated rangebound, but surged significantly in the afternoon. The most-traded I2505 contract finally closed at 837 yuan/mt, up 2.26% for the day. Traders actively sold off goods, while some steel mills locked in profits with moderate purchase willingness. Mainstream transaction prices rose by 10-15 yuan/mt compared to yesterday. Looking ahead to next week, iron ore shipments are expected to rebound, but pig iron production is expected to drop back slightly, with overall iron ore demand remaining stable with a weak trend. Considering the strong market expectations ahead of the Two Sessions, ore prices may continue to fluctuate upward. However, given the currently high valuation, an upward breakthrough is challenging, and the market is expected to operate with sideways movement.