SMM

Today, iron ore fluctuated upward. The most-traded contract I2505 finally closed at 820.5, up 1.48% throughout the day. Traders sold goods based on market trends, while steel mills purchased as needed. The market transaction atmosphere was average. Mainstream transaction prices rose by 5-10 yuan/mt compared to yesterday. According to an SMM survey, as of February 19, the operating rate of blast furnaces at 242 steel mills surveyed by SMM was 86.29%, up 0.45 percentage points MoM. The daily average pig iron production of the sample steel mills was 2.375 million mt, up 9,700 mt MoM. With downstream demand gradually recovering, the finished steel market transactions improved, and previously overhauled blast furnaces resumed production as planned, driving a slight increase in pig iron production, which in turn pushed iron ore prices to continue rising.