Today, iron ore futures con nued to trade in the doldrums, with the most-traded contract I2601 closing at 771, down 0.19% from the previous day. Some traders halted sales, while steel mills exhibited stronger wait-and-see senment, resul ng in limited inquiries. Market transac on ac vity remained sluggish. In Shandong, mainstream transac on prices for PB fines were around 770-780 yuan/mt, up slightly by 1-2 yuan/mt from the previous day; in Tangshan, transac on prices for new PB fines were 780-785 yuan/mt, retrea ng from highs by 2-3 yuan/mt. According to SMM port inventory data, despite a significant drop in port arrivals and a slight port pick-up volume, port inventory con nued to experience minor destocking. Short-term iron ore supply pressure remains rela vely small. Coupled with daily average hot metal produc on staying at a high level of 241, the fundamentals of iron ore provide support. However, current market concerns over nega ve feedback have intensified, leading to weak market senment. Considering expecta ons of favorable policies from an important mee ng next week, ore prices are expected to have a chance to stabilize and rebound.

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Source: Metals Market Index (MMI)