Today, the most-traded iron ore futures contract moved downwards after a higher opening but held up well throughout the day. The most-traded contract I2601 finally closed at 795, up 1.02% from yesterday. Traders sold goods following the market trend; steel mills purchased as needed, with average inquiries. The market transaction atmosphere was average. In Shandong, the mainstream transaction prices of old PB fines were around 785-789 yuan/mt, up 5 yuan/mt from yesterday; in Tangshan, PB fines transaction prices were 795-800 yuan/mt, up 5 yuan/mt from yesterday.
According to SMM statistics, this week (October 4 to October 10), the impact from maintenance on hot metal production was 991,200 mt, down 7,300 mt WoW. Next week (October 11 to October 17), the impact from maintenance on hot metal production is expected to be 1.0022 million mt, up 11,000 mt WoW from this week. Daily average hot metal production fluctuated rangebound, having limited impact on iron ore prices. Recently, the main focus is on the impact of end-use demand and macro news on futures.
