After opening, DCE iron ore futures first fell and then rose. The most-traded contract I2509 eventually closed at 790.5, with a daily increase of 0.76%. Traders were enthusiastic about selling, while steel mills adopted a wait-and-see attitude, with weak purchase willingness. The market transaction atmosphere was average. The mainstream transaction prices of PB fines in the Shandong region were around 773-776 yuan/mt, up 5-10 yuan/mt from last Friday. The transaction prices of PB fines in the Tangshan region were around 780-790 yuan/mt, rising slightly by 5-7 yuan/mt from last Friday. Last week, SMM’s global iron ore shipments totaled 33.5 million mt, rebounding slightly by 870,000 mt MoM. However, affected by domestic typhoon weather, SMM’s total iron ore arrivals in China continued to decline by 1.9 million mt MoM, a decrease of 7.85%. The main reduction came from coarse fines and pellets. Although there are rumors about current production restrictions, they still remain at the expectation level.

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Source: Metals Market Index (MMI)