Today, the iron ore futures were in the doldrums, with the most-traded I2601 contract closing at 776.5, down 0.7% from yesterday’s price. Traders sold goods according to market condi ons; steel mills purchased as needed, with moderate inquiries. The overall market transac on atmosphere was average. In Shandong, the mainstream transac on prices for PB fines were 770-772 yuan/mt, up 8-10 yuan/mt from yesterday; in Tangshan, the transac on prices for PB fines were around 775-780 yuan/mt, down 10-15 yuan/mt from yesterday. The impact of yesterday’s supply-side incident on market senment has gradually weakened, and the price logic has returned to fundamentals. According to SMM survey data, this week’s impact from maintenance on blast furnaces was 1.1328 million mt, up 6,100 mt WoW. The reduc on in hot metal was rela vely limited. However, it is expected that next week’s impact from maintenance will increase by 221,100 mt, leading to a significant decline in hot metal produc on. Coupled with the imminent implementa on of produc on restric ons, steel mills have a weak outlook for future demand, low purchase willingness, and strong pressure on ore prices. It is expected that prices will con nue to be in the doldrums in the short term.

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Source: Metals Market Index (MMI)