Today iron ore futures weakened, with the most-traded contract I2609 closing at 789.5 yuan/mt, down 1.07% from the previous trading session. Port spot prices fell 4-8 yuan from the previous day. Traders showed moderate enthusiasm in offering; steel mill purchases were mostly driven by rigid demand; overall spot market transactions were limited. Currently, fundamentals remained relatively stable, with rigid demand for iron ore holding steady at high levels. According to SMM statistics, total inventories of ten ports stood at 109.87 million mt, down 1 million mt WoW. Among them, PB lumps and Jimblebar fines showed a good destocking trend, while Mac, Newman, super special fines continued inventory buildup. On the macro front, as US Treasury yields rose, the market was generally pessimistic about expectations for US Fed interest rate cuts, creating resistance for ore prices. In the short term, ore prices may remain in the doldrums under the influence of macro factors.

Download PDF

Source: Metals Market Index (MMI)