The iron ore futures rose in early trading before gradually retreating during the day. The main contract I2605 ultimately closed at 812 yuan/ton, down 0.49% from the previous trading session. Spot prices fell by about 5–7 yuan from the previous trading day. Traders showed moderate enthusiasm in their quotations, while steel mills made purchases based on their immediate needs; overall spot market transactions remained limited. In terms of fundamental data, SMM survey indicates that port inventories began to decrease slightly this week, with total inventories at 35 ports nationwide declining by 610,000 tons to 155.78 million tons, a decrease of 0.39%. Meanwhile, the daily port otiake increased by 110,000 tons from the previous week to 2.855 million tons. Although the downside support for iron ore prices is gradually strengthening in line with the resumption of hot metal production, supplyside risks persist, as weather-related factors and iron ore returning from the Middle East to China may lead to further increases. Overall, upward pressure on iron ore prices has yet to significantly ease, and with gradually strengthening downside support, the market is expected to exhibit a high-range consolidation pattern in the near term.

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Source: Metals Market Index (MMI)