Iron ore futures continued their strong, volatile trend today, dipping slightly by the close. The main contract I2601 setiled at 794 yuan, up 0.51% from the previous trading day. Traders showed reasonable enthusiasm in offloading stock, while steel mills made purchases as needed and demonstrated moderate restocking interest. Overall market sentiment was neutral. In the Shandong region, the transaction price for PB fines ranged from 793 to 798 yuan, up 2–3 yuan per ton from yesterday. In the Hebei region, PB fines traded between 800 and 805 yuan per ton, an increase of 0–3 yuan per ton compared to the previous day. Recently, rising expectations of a Fed rate cut in December have boosted market optimism, supporting iron ore prices to remain firm with fluctuations. However, the fundamental outlook for iron ore itself shows signs of weakening, limiting upward momentum and creating near-term resistance. It is expected to continue fluctuating within a high range.

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Source: Metals Market Index (MMI)