Iron Ore Futures Continue Upward Fluctuation Amid Limited Transactions

Publicado: Jan 24, 2025 16:33
Today, iron ore futures continued to fluctuate upward. The most-traded I2505 contract closed at 803 yuan/mt, up 0.69% for the day. There were fewer offers from traders. Steel mills have completed pre-holiday restocking, resulting in fewer inquiries. Market transactions were minimal today, with transaction prices rising by 0-3 yuan/mt compared to yesterday. As of January 24, SMM data showed that total inventory at 35 ports stood at 145.28 million mt, down by 1.58 million mt from last week. Additionally, due to the slowdown in steel mills' restocking pace before the Chinese New Year, port pick-up volume showed a slight decline. Looking ahead to next week, port inventory is expected to increase slightly. However, market transactions have essentially concluded, with limited impact on prices. In the short term, considering the healthy fundamentals and positive macro factors, ore prices are expected to continue fluctuating upward.

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Today, iron ore futures continued to fluctuate upward. The most-traded - Shanghai Metals Market (SMM)