Today, Dalian iron ore futures opened higher but moved downwards, fluctuating in the doldrums during the day. The most-traded contract I2509 eventually closed at 789, with a daily decline of 0.44%. Traders sold goods according to market conditions; steel mills adopted a wait-and- see attitude, with some purchasing at lower prices. The market transaction atmosphere was average. The mainstream transaction prices of PB fines in Shandong were around 774 yuan/mt, down 6 yuan/mt from yesterday’s price; the transaction prices of PB fines in Tangshan were around 785-790 yuan/mt, down 5-10 yuan/mt from yesterday’s price. Market news indicated that Zhao Minge, President of the China Iron and Steel Association, stated that China would continue to implement crude steel production control policies in 2025, with relevant measures expected to take effect in the second half of the year. Meanwhile, there were rumors that environmental protection-driven production restrictions would be implemented in north China for at least two weeks during.

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Source: Metals Market Index (MMI)