Today, the iron ore futures market initially weakened but later strengthened. The most-traded contract I2605 finally closed at 819.5, down 0.24% from the previous trading day. Spot prices fell by 0-5 yuan/mt compared to the previous trading day. Traders showed a moderate willingness to sell; steel mills made just-in-time procurement, and the overall trading atmosphere was average.
According to SMM steel data, the impact from maintenance on blast furnaces this week was 2.035 million mt, an increase of 36,200 mt WoW. Recently, some steel mills scheduled maintenance for blast furnaces, leading to a decline in hot metal production. However, as pre-holiday restocking demand gradually released, the overall demand for iron ore remained relatively stable, but the support for short-term prices was limited. Ore prices are expected to maintain a sideways movement.
