Today, iron ore futures fluctuated in the doldrums, with the most-traded contract I2605 closing at 762.5 yuan/mt, down slightly by 0.07% from the previous trading day. Spot prices rose slightly by about 4 yuan/mt compared to the previous trading day. Traders showed moderate enthusiasm in offering prices, with most prices negotiated based on actual orders. Steel mills mainly restocked based on rigid demand, and inquiries remained cautious. Overall market trading activity was moderate. According to the latest SMM statistics this week, the daily average hot metal production from sampled blast furnaces recorded 2.386 million mt, up 15,800 mt WoW, mainly due to incremental contributions from blast furnaces that previously underwent maintenance gradually resuming production. Looking ahead, as the intensity of blast furnace maintenance marginally weakens, daily average hot metal production is expected to maintain a steady rebound trend, which will provide continuous rigid support for iron ore demand growth, marking a substantial improvement in fundamental demand. However, given the dual pressure from high in-factory inventory and port inventory, it is expected to take some time for the demand increment to translate into price increases. Therefore, considering all factors, amid the interplay of recovering rigid demand and persistent inventory pressure, iron ore prices are expected to fluctuate upward at lows in the short term, with the overall price center likely to experience a slight upward shift. [SMM Steel]

The White House announced on February 6, 2026, that India has committed to purchasing $500 billion worth of US energy commodities, including coking coal, aircraft parts, and technology over the next five years. This strategic agreement aims to secure a stable supply of high-quality metallurgical coal for India’s expanding blast furnace capacity, which is targeting a national output of 300 million tonnes by 2030.

[SMM Daily Coking Coal and Coke Brief] Supply side, coking plants maintained stable overall production and focused on active shipments, but market wait-and-see sentiment was strong, and the pace of shipments at some coking plants slowed down. Demand side, end-use demand for finished steel performed poorly, blast furnace maintenance at steel mills increased, and coupled with the fact that coke inventory at steel mills had reached reasonable levels after restocking, steel mills currently mainly purchased as needed. In summary, the coke market was generally stable with a slight fall this week.

[Steel Mill Maintenance] Handan Iron & Steel commenced maintenance on a 3,200m³ blast furnace on February 6, which is expected to last until March. The daily average hot metal production impact is estimated at approximately 7,300 mt. [SMM Steel]

[Steel Mill Maintenance] Ansteel Bayuquan is expected to commence maintenance on a 4,000m³ blast furnace on February 25, with the maintenance period anticipated to last 26 days. The daily average hot metal production impact is estimated to be around 9,000 mt. [SMM Steel]

Following an accident in August 2025, United States Steel Corporation announced on February 6, 2026, that it has begun the process of restarting Battery #13 at its Mon Valley Works. This is the second coke battery to return to operation, aimed at restoring the plant's internal coke supply and reducing reliance on external merchant coke. The move is critical for the long-term viability of the integrated facility's blast furnace operations.