Iron ore futures held up well today, with the most-traded contract I2601 closing at 807.5, up 0.81% WoW. Traders showed a strong willingness to sell, while steel mills remained cau ous and observed the market, with purchase willingness declining from yesterday. Market transac on senment was moderate. In Shandong, mainstream transac on prices for old-grade PB fines were 795-800 yuan/mt, up 5-10 yuan/mt from yesterday; new-grade PB fines traded around 790 yuan/mt. In Tangshan, transac on prices for PB fines were 805-810 yuan/mt, up 5-10 yuan/mt from yesterday. As of September 19, SMM sta s cs showed that iron ore inventory across 35 ports na onwide totaled 129.91 million mt, down 500,000 mt WoW. Meanwhile, daily average port pick-up volume for imported ore increased by 63,000 mt WoW to 3.113 million mt. Recent pre-holiday stockpiling by steel mills has led to ac ve procurement, driving port pick-up volume higher. This trend is expected to con nue next week, further suppor ng ore prices. Addi onally, the market responded posi vely to tonight’s China-US talks, which will also provide some support to futures. Ore prices are expected to maintain a strong performance next week, though upside room may be limited by environmental protec on-driven produc on restric ons and policy pressures such as “an-involu on,” with bullish and bearish factors intertwined.

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Source: Metals Market Index (MMI)