The trend of iron ore futures today first declined and then rebounded, with the market remaining stable in the afternoon. The main contract, I2605, eventually closed at 784 RMB/ton, up 0.26% from the previous trading session. Meanwhile, spot prices increased by 0–5 RMB/ton compared to the previous trading day. Traders showed moderate enthusiasm in quoting prices, while steel mills primarily purchased based on rigid demand. Overall, spot market transactions were sparse. According to SMM research and tracking, the intensity of blast furnace maintenance continued to increase this week, with the impact volume rising by 102,100 tons compared to last week, reaching 1.9892 million tons. Currently, iron ore demand is at a relatively low level. However, with the concentrated resumption of production from previously maintained blast furnaces, it is expected that hot metal output will rebound next week, leading to an improvement in iron ore demand. On the macroeconomic front, the ongoing stalemate in the Middle East conflict has driven up crude oil prices, which in turn has increased sea freight rates and the cost of imported iron ore, providing cost support for iron ore prices. However, due to limited actual transactions, the momentum for price increases appears to be weakening. Therefore, iron ore prices are expected to fluctuate within a range in the short term.

Download PDF

Source: Metals Market Index (MMI)