Today, the iron ore futures continued their strong upward trend, with the most-traded contract I2509 surging to 835.5 in the afternoon before pulling back to close at 823, marking a daily gain of 2.49%. Traders were actively offloading positions, while speculative trading remained weak. Some steel mills purchased as needed, but most adopted a cautious wait-and-see approach, with weak purchase willingness. The overall market sentiment was subdued. In Shandong, the mainstream transaction prices for PB fines were around 798 yuan/mt, up 13 yuan/mt from the previous day, while in Tangshan, PB fines traded at around 815 yuan/mt, up 15 yuan/mt. AnƟ-“rat race” policies and mega-project initiatives fueled senƟment in the ferrous metals series, driving futures prices sharply higher. Iron ore prices have already reached elevated levels, stoking market fears of a pullback. Given intensifying policy uncertainƟes and limited fundamental demand support, further upside appears constrained in the near term, warranting cautious trading.

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Source: Metals Market Index (MMI)