The most-traded iron ore futures contract stabilized and strengthened today, holding up well throughout the session. The most-traded contract I2601 closed at 777.5 yuan/mt, up 0.65% from the previous trading day. Market trading ac vity was moderate, with traders largely selling in line with market condi ons. Steel mills purchased as needed, and inquiries were generally limited. Spot prices for mainstream port cargoes rose by 5-8 yuan/mt compared to the previous trading day, with PB fines transac on prices in Shandong at 780-785 yuan/mt (up 3-5 yuan from yesterday) and in Hebei at 790-798 yuan/mt (up 0-8 yuan from yesterday). Industry data today showed a notable decline in apparent demand, indica ng a weakening in end-use demand. However, with limited maintenance at steel mills and steady hot metal produc on, ore prices received some support. Recent macro senment has been released, and today’s senment improved slightly, driving a modest increase in futures prices. Considering that overall iron ore demand is expected to remain high in the near term, ore prices are likely to have rela vely limited downside and may move sideways in the short term.

Download PDF

Source: Metals Market Index (MMI)