DCE iron ore futures edged up today, with the most-traded contract I2601 closing at 771.5, up 0.06% from the previous working day. Traders sold at market prices, while steel mills purchased as needed, with inquiries declining from yesterday. Market transactions were muted. In Shandong, mainstream transaction prices for PB fines stood at 765-770 yuan/mt, up 0-3 yuan/mt from yesterday. In Tangshan, PB fines traded around 780-785 yuan/mt, up 5-10 yuan/mt from yesterday.
The renewed conflict in the Middle East today drove crude oil prices significantly higher, lending some strength to ore prices. However, SMM blast furnace maintenance impact data showed this week's affected volume reached 1.5152 million mt, up 361,900 mt WoW. This continues to weigh on ore prices in the short term, with a meaningful rebound only expected after environmental protection-driven production restrictions are lifted.
