SMM

Today, iron ore futures continued to decline. The most-traded I2505 contract closed at 813 yuan/mt, down 2.17% for the day. Market transaction sentiment was moderate. Transaction prices fell by 10-15 yuan/mt compared to yesterday. Over the past two weeks, pig iron production has slightly declined, leading to a decrease in iron ore demand. Additionally, the implementation of steel policies by Vietnam and South Korea targeting China has intensified market pessimism, dragging ore prices lower. Overall, the downside adjustment space for ore prices in the short term is limited. With the recovery of market sentiment and the improvement in demand expectations, there remains some rebound potential.