Iron Ore Futures Decline Narrows, But Bearish Sentiment Persists

Publicado: Jan 8, 2025 16:30
Today, iron ore futures continued to decline, but the decrease narrowed. The most-traded I2505 contract closed at 747.5 yuan/mt, down 0.73% for the day. Some traders were reluctant to sell, while others sold at market prices. Steel mills restocked at low levels. Market transactions were moderate today, with transaction prices falling by 2-3 yuan/mt compared to yesterday. Although SMM's blast furnace operating rate increased by 0.26 percentage points to 85.33%, and the daily pig iron production of 242 sample steel mills rose by 15,100 mt to 2.346 million mt WoW, the macro sentiment remained bearish. Iron ore futures continued to fluctuate downward under pressure. In the short term, there is no new market logic, and pre-holiday restocking is progressing slowly. It is expected that ore prices may continue to fluctuate downward in the near term.

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