Today, iron ore futures continued to fluctuate upward, with the most-traded I2505 contract closing at 838.5, up 1.51% for the day. Traders actively sold goods, while some steel mills locked in profits with moderate purchase willingness. In Shandong, the mainstream transaction prices for PB fines were 830-835 yuan/mt, up 1-5 yuan/mt compared to yesterday; in Tangshan, the transaction prices for PB fines were around 840-845 yuan/mt, basically flat compared to yesterday.

[Brief Review of Domestic Iron Ore: Potential for Price Increase in West Liaoning] The domestic ore market in west Liaoning remains stable, with beneficiation plants maintaining high asking prices. The ex-factory price for 66-grade wet basis, excluding tax, is 710-720 yuan/mt. Beneficiation plants in Chaoyang are gradually resuming production. Although there is spot inventory, the willingness to sell at low prices is not strong.

Japan's Mitsui stated on Wednesday that it will acquire a 40% stake in Australia's Rhodes Ridge iron ore project for $5.34 billion. The Japanese trading giant said the project will be developed and operated by Rio Tinto, with production expected to begin in 2030.

On February 14, 2025, Brazil's Vale officially launched the "Novo Carajás" plan, announcing an investment of 70 billion reais (approximately 88.893 billion yuan) over the next five years, 2025-2030, for iron ore capacity expansion and copper mine development.

On February 13, the on-site promotion event for major projects in Sichuan Province for Q1 2025 and the groundbreaking ceremony for the first batch of construction projects for the development and utilization of the Hongge South vanadium-titanium magnetite mine were held in Yanbian County.

As of February 21, SMM data showed that the total inventory at 35 ports dropped to 149.18 million mt, down 370,000 mt WoW, up 16.54 million mt YoY. The daily average port pick-up volume of imported ore was 2.864 million mt, up 148,000 mt WoW, up 260,000 mt YoY.

As of February 21, SMM data showed that the total inventory at 35 ports dropped to 149.18 million mt, down 370,000 mt WoW, up 16.54 million mt YoY. The daily average port pick-up volume of imported ore was 2.864 million mt, up 148,000 mt WoW, up 260,000 mt YoY.

[Domestic Iron Ore Brief: Iron Ore Concentrates in the Tangshan Region May Slightly Increase] Driven by price increases from leading local steel mills in the Tangshan region, the market price of iron ore concentrates has slightly risen in certain areas. Some producers have taken the opportunity to sell in moderate quantities, and overall trading activity has improved compared to yesterday. Most producers maintain a moderate sentiment.

This morning, Dalian iron ore futures fluctuated rangebound, but surged significantly in the afternoon. The most-traded I2505 contract finally closed at 837 yuan/mt, up 2.26% for the day. Traders actively sold off goods, while some steel mills locked in profits with moderate purchase willingness. Mainstream transaction prices rose by 10-15 yuan/mt compared to yesterday. Looking ahead to next week, iron ore shipments are expected to rebound, but pig iron production is expected to drop back slightly, with overall iron ore demand remaining stable with a weak trend. Considering the strong market expectations ahead of the Two Sessions, ore prices may continue to fluctuate upward. However, given the currently high valuation, an upward breakthrough is challenging, and the market is expected to operate with sideways movement.