Today, iron ore futures were in the doldrums, with the most-traded contract I2601 closing at 799.5, down 0.19% from the previous trading day. Traders sold goods following market trends; steel mills purchased as needed. Market trading senment was average. In Shandong, transac on prices for PB fines ranged between 793-800 yuan, holding steady from yesterday’s levels; in Hebei, transac on prices for PB fines were between 805-815 yuan/mt. Spot market supply of old PB fines was limited, suppor ng firm transac on prices, though prices for 60.8% PB fines remained stable compared to yesterday. According to SMM data for the week, the blast furnace opera ng rate at 242 steel mills was 85.91%, down 0.26 percentage points WoW. Daily average hot metal produc on at sampled steel mills was 2.3805 million mt, a decrease of 6,800 mt WoW. Based on exis ng plans, the decline is expected to widen next week, with overall iron ore demand con nuing to weaken. Ore prices were under pressure. However, as this week’s mee ng has not yet been held, year-end market expecta ons remain. Ore prices have downside support and may con nue to fluctuate rangebound in the short term.

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Source: Metals Market Index (MMI)