Blast furnace maintenance impact had a slight increase, iron ore prices maintained a fluctuating trend [SMM Iron Ore Daily Comment]

Published: Aug 25, 2026 16:47

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Iron ore futures consolidated on a subdued note today. The most-traded I2701 futures contract on the DCE closed at 713.5 yuan/mt, down 0.28% from the previous trading day. Spot prices at Qingdao Port fell by 0-2 yuan/mt, traders sold according to market conditions, steel mills restocked as needed, and overall spot cargo trading sentiment was sluggish, with trading volume slightly edging up from yesterday.

According to SMM statistics, blast furnace maintenance this week (Aug 22 to Aug 28) affected hot metal production by 1.4337 million mt, up 67,400 mt WoW. Looking ahead to next week (Aug 29 to Sep 4), the affected hot metal volume is expected to pull back to 1.2633 million mt, down 170,400 mt WoW. Pressured by rising coke prices squeezing steel mill profits and the unclear recovery of demand during the traditional peak season, some steel mills chose to postpone production resumptions. Hot metal production is expected to edge down this week, and steel mills' raw material procurement sentiment tends to be cautious, thus putting pressure on futures and spot prices, and the iron ore market may maintain a fluctuating trend in the short term.

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