DCE Iron Ore Futures Fluctuate Downwards Amid Mixed Market Sentiment

Publicado: Feb 5, 2025 17:10
Today, DCE iron ore futures moved downwards after a higher opening, fluctuating downward throughout the day. The most-traded I2505 contract finally closed at 801, down 0.99% for the day. On the first trading day after the holiday, traders actively offered goods. Steel mills made numerous inquiries but remained cautious in their purchases. Market transactions were sluggish today, with transaction prices basically stable compared to pre-holiday levels. According to an SMM survey, as of February 5, the daily average pig iron production of 242 sampled steel mills surveyed by SMM was 2.3791 million mt, up 15,000 mt MoM. Pig iron production increased slightly. Coupled with post-holiday restocking demand from steel mills, overall demand for iron ore remained robust, providing some support to ore prices. However, downstream real demand is still in the verification phase, and market sentiment appeared slightly pessimistic. In the short term, the tug-of-war between longs and shorts is expected to continue, and ore prices may fluctuate rangebound.

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