Iron ore prices experienced strong and vola le movements today. The main contract I2605 ul mately closed at 796.5, marking an increase of 2.58% compared to the previous trading day. This represents the largest gain of the fourth quarter. Traders demonstrated moderate enthusiasm for shipments, while steel mills showed limited willingness to procure, with some only purchasing as needed. Market transac ons remained subdued. In the Shandong region, the transac on price for PB fines ranged from 795 to 803 yuan, reflec ng an increase of 5-10 yuan per ton compared to last Friday. In the Hebei region, PB fines transacted between 812 and 820 yuan per ton, also up by 5-10 yuan per ton from last Friday. According to SMM shipping data, arrivals this week con nued to rise by 2.2%. The supply pressure on iron ore remains on an upward trajectory. However, news emerged today regarding poten al produc on cuts at a Brazilian pellet plant. Addi onally, the Ministry of Finance’s mee ng over the weekend indicated that na onal subsidies will con nue in 2026, boos ng market senment. Coupled with increased market expecta ons for a rebound in hot metal produc on in January and pre-holiday inventory restocking, these factors collec vely drove a notable rise in iron ore prices.

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Source: Metals Market Index (MMI)