Sluggish Market Transactions, Slight Decline in Iron Ore Prices [SMM Brief Review]

Published: Feb 28, 2026 17:01

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With no futures guidance today and some traders and steel mills on normal holidays, market inquiries were limited, resulting in a sluggish trading atmosphere. Spot prices edged down by 2–5 yuan/mt compared with the previous trading day. Next week, the Two Sessions are set to convene, and environmental protection-driven production restrictions will be imposed in North China, curbing the decline in hot metal production. However, given the weak procurement volume by steel mills this week, with most mills mainly consuming their in-factory inventory, purchase willingness for iron ore may improve next week. Supply side, a cyclone is expected to affect shipments from Australia next week, likely causing another drop in shipments and seasonal shipment momentum to weaken. Additionally, with the Two Sessions taking place next week, market expectations remain for favorable policies to be announced, which could improve market sentiment and lead to a slight rebound in iron ore futures prices. A modest rebound in iron ore is anticipated next week.

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