Today, Dalian iron ore futures continued to rise sharply, with the most-traded contract I2601 closing at 801, up 2.36% for the day. Traders sold goods according to market conditions; steel mills purchased as needed, with weak willingness to restock. The market transaction atmosphere was average. In the Shandong region, the mainstream transaction prices of PB fines were around 785-788 yuan/mt, up 5-8 yuan/mt from yesterday's prices; in the Tangshan region, the transaction prices of PB fines were around 795-800 yuan/mt, up 5-10 yuan/mt from Friday's prices.
Yesterday, the US President signed an executive order to continue postponing the suspension of tariffs on China for another 90 days, boosting market sentiment and driving up the prices of various ferrous metals series varieties. In the short term, during the 93rd National Day military parade, all production restrictions were expected, but the impact on hot metal production was limited. Given the high profits of steel mills, it is difficult for hot metal production to decline, providing support for ore prices. In the short term, driven by fundamental support and optimistic macro sentiment, ore prices are expected to hold up well.
