Iron Ore Futures Fluctuate Upward Amid Supply Concerns and Demand Weakness

Publicado: Feb 12, 2025 17:02
Today, iron ore futures fluctuated upward, with the most-traded I2505 contract closing at 828.5 yuan/mt, up 0.91% for the day. Traders showed strong enthusiasm for selling. Steel mills adopted a more cautious sentiment, purchasing as needed. Transaction prices rose by 10-15 yuan/mt compared to yesterday. In the morning, a cyclone in Australia caused heavy rainfall, significantly impacting iron ore shipping ports, and Australia's shipments this week are expected to be halved. This triggered market concerns over future supply, driving up iron ore prices. In the afternoon, rumors related to the real estate sector led to a stock market surge, further boosting the prices of ferrous metals. However, SMM's pig iron data today showed a WoW decline in the daily average by 13,800 mt. Overall, iron ore demand is expected to weaken, coupled with the current overvaluation of iron ore, increasing short-term resistance to price growth, which may lead to a continued fluctuating trend.

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Today, iron ore futures fluctuated upward, with the most-traded I2505 - Shanghai Metals Market (SMM)