Sluggish Market Transactions, Stable Iron Ore Quotes [SMM Iron Ore Daily Review]

Iron ore futures were closed today. In the spot market, traders offered few quotes and showed moderate willingness to sell; steel mills mostly stayed on the sidelines, with only a few issuing tenders. No market transactions have been reported so far, and spot prices were basically flat compared with yesterday. After the holiday, blast furnace maintenance at steel mills continued to increase. Although some mills have restocking expectations, overall iron ore demand remains weak. On the supply side, growth continued, and port inventory buildup pressure is significant, weighing on ore prices and causing them to drift lower. Going forward, focus on the decline in hot metal production at steel mills and watch for the impact of long-term contract negotiation news on futures.