Today, the most-traded iron ore futures contract I2601 initially weakened but later strengthened, closing at 792 yuan, up 0.64% from the previous trading day. Traders sold goods following market trends, while steel mills purchased as needed. Market trading sentiment remained moderate. In Shandong, mainstream transaction prices for PB fines stood at 780-785 yuan/mt, up 0-3 yuan/mt WoW from last Friday. In Tangshan, PB fines traded around 790-800 yuan/mt, up 0-5 yuan/mt WoW from last Friday. Global iron ore shipments totaled 34.46 million mt last week, down slightly by 880,000 mt WoW. Shipments from Australia and non-mainstream countries rebounded modestly, while Brazil’s shipments pulled back. During the same period, China’s port arrivals reached 28.5 million mt, surging 6.06 million mt WoW, mainly due to the concentrated arrival of previously delayed vessels. The absolute volume did not increase significantly, limiting downward pressure on ore prices. This week, with hot metal production expected to rebound notably and sustained optimism over expectations for US Fed interest rate cuts, ore prices found support and showed a resilient fluctuating trend, which is likely to continue in the short term.

Download PDF

Source: Metals Market Index (MMI)