Today, Dalian iron ore futures were in the doldrums today, with the most-traded contract I2509 closing at 802.5, down 1.11% for the day. Traders showed moderate willingness to sell, while steel mills restocked as needed. Market transac on senment remained tepid. In Shandong, mainstream transac on prices for PB fines were around 780-784 yuan/mt, down 0-5 yuan/mt from yesterday. In Tangshan, PB fines traded at 795-800 yuan/mt, also down 0-5 yuan/mt. With the July Politburo mee ng approaching, market risk aversion intensified, keeping futures in the doldrums. Next week, fundamentals are expected to show strong supply and demand dynamics, with both hot metal produc on and inventory levels suppor ng spot prices. The market will closely monitor the Politburo mee ng outcomes—any unexpectedly posi ve signals could break the current range-bound pa ern, otherwise consolida on may persist.

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Source: Metals Market Index (MMI)