Iron ore futures continued to hold up well today, with the most-traded contract I2601 closing at 777 yuan, up 0.71% from the previous trading day. Traders maintained firm offers but showed moderate willingness to sell, while steel mills remained cautious in procurement with limited inquiries. Market trading activity was subdued. In Shandong, mainstream transaction prices for PB fines ranged between 772-775 yuan/mt, up 2-5 yuan/mt from yesterday. In Tangshan, PB fines traded around 785 yuan/mt, up 0-5 yuan/mt. This week, 18 blast furnaces underwent maintenance while 16 resumed production domestically, with most maintenance concentrated in Tangshan, leading to a sharp decline of 63,200 mt in hot metal output. Production is expected to gradually normalize after the military parade concludes next week, with hot metal output likely to rebound significantly. Market expectations of demand recovery are supporting ore prices to hold up well.

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Source: Metals Market Index (MMI)