Today DCE Iron Ore Contract I2601 closing at 792.5 yuan, up 1.93% from the previous working day. Main port spot prices increased by 5-15 yuan/mt compared to the previous working day, with PB fines transaction prices in Shandong at 795-805 yuan, up 10-15 yuan/mt, and those in Hebei at 805-810 yuan/mt, up 5-10 yuan/mt. Market transactions were moderate today, as steel mills purchased as needed and inquiries were cautious, while most traders followed market trends with limited offers. This week, hot metal output affected by blast furnace maintenance rose significantly, and steel mill profits remained low, leading to weaker iron ore demand in the short term. Concurrently, port inventory stayed high, puting the fundamentals of iron ore under pressure. However, with frequent positive news such as the easing of China-US trade tensions and the signing of the ASEAN-China free trade agreement, market sentiment improved, driving futures prices higher. The market generally holds an optimistic outlook for the upcoming China-US meeting. Influenced by news developments, iron ore prices are expected to fluctuate at highs in the near term.

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Source: Metals Market Index (MMI)