DCE iron ore futures continued to fluctuate rangebound today, with the most-traded contract I2601 closing at 772.5 yuan, up 0.26% from the previous trading day. Main port spot cargo prices edged up 0–2 yuan/mt compared to the prior working day. In Shandong, transaction prices for PB fines with over 61% specifications were 780–783 yuan, while mainstream transactions for 60.8% PB fines were 775–778 yuan/mt, up 0–2 yuan/mt from yesterday. In Hebei, mainstream transactions for 60.8% PB fines were 785–788 yuan/mt, also up 0–2 yuan/mt from yesterday. Today’s industry data showed a slight decline in total demand for the five major steel products. Inventory continued destocking, aligning with the seasonal pattern and having a relatively small impact on market prices. From the iron ore supply-demand perspective, conditions remain relatively healthy in the short term, with demand still providing support. Iron ore prices are expected to follow steel prices in narrow-range fluctuations.

Download PDF

Source: Metals Market Index (MMI)