Iron ore futures moved downwards a er a higher opening and remained in the doldrums throughout the day. The most-traded contract I2601 closed at 802.5, down 1.23% WoW. Traders showed moderate willingness to sell, while steel mills restocked based on demand. Market transac ons were moderate. In Shandong, mainstream transac on prices for old-grade PB fines were around 795 yuan/mt, and new-grade PB fines were around 785 yuan/mt, down 5 yuan/mt from yesterday. In Tangshan, transac on prices for PB fines were 800–810 yuan/mt, down 0–5 yuan/mt from yesterday. According to SMM sta s cs, blast furnace maintenance affected hot metal produc on by 1.0533 million mt this week, a significant decrease of 93,700 mt WoW. Hot metal produc on s ll saw a slight increase WoW, providing support for iron ore prices. Recent macro news has decreased, reducing interference with market prices. Iron ore prices consolidated, and considering short-term fundamental support, ore prices faced limited upside or downside movement. It is expected that a er adjustments, prices may con nue to hold up well.

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Source: Metals Market Index (MMI)