Iron ore futures showed a weak-then-strong trend today, with the most-traded contract I2601 closing at 789.5, up 0.77% from the previous trading day. Traders demonstrated active selling interest, while steel mills’ purchase willingness declined as the weekend approached. Market transaction sentiment remained moderate. In Shandong, mainstream transaction prices for PB fines stood at 780-783 yuan/mt, down 0-2 yuan/mt from yesterday; in Tangshan, PB fines traded around 790-795 yuan/mt, holding steady from the previous day. The “anti-rat race” discussion continued gaining traction today, driving overall price increases across ferrous metals. Looking ahead to next week, the iron ore market is expected to see robust supply and demand dynamics. From a macro perspective, strengthened expectations for US Fed interest rate cuts will provide further support to ore prices, which are likely to hold up well in the short term. However, caution is warranted against potential downside risks stemming from weakening apparent steel demand, accelerating inventory accumulation, and crude steel production control policies.

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Source: Metals Market Index (MMI)