Iron ore futures held up well today, with the most-traded contract I2601 closing at 803.5, up 0.82% WoW. Traders showed moderate enthusiasm in selling, while steel mills mainly purchased as needed. The market trading atmosphere was moderate. In Shandong, mainstream transac on prices for PB fines were 790-795 yuan/mt, up 0-5 yuan/mt from yesterday; in Tangshan, transac on prices for PB fines were 800-810 yuan/mt, up 5-10 yuan/mt from yesterday. According to SMM sta s cs, hot metal output affected by blast furnace maintenance this week was 1.146 million mt, significantly down by 10.67 million mt WoW, driving a con nued slight rebound in daily average hot metal produc on, which supported iron ore prices. Meanwhile, recent remarks by US President Trump fueled market expecta ons for an interest rate cut, further boos ng ore prices. However, news today indicated that Tangshan will implement environmental protec on-driven produc on restric ons from September 15 to 30 to improve air quality. Strict enforcement is expected to curb local hot metal output, thereby limi ng upside room for ore prices. Considering that pre-holiday stocking demand has already begun, iron ore prices are expected to maintain a fluctua ng trend in the short term.

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Source: Metals Market Index (MMI)