Pig Iron Rebounds Slightly, Iron Ore Prices Receive Minor Support [SMM Brief Commentary]

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Today, DCE iron ore futures continued to drop slightly. The most-traded I2505 contract finally closed at 781, down 1.14% for the day. Traders showed weak enthusiasm for selling; steel mills adopted a more cautious sentiment, with purchase willingness remaining low; the market transaction atmosphere was average. In Shandong, the mainstream transaction prices of PB fines were at 780 yuan/mt, basically flat compared to yesterday's transaction prices; in Tangshan, PB fines transaction prices were around 790 yuan/mt, also basically flat compared to yesterday. According to the latest SMM data on blast furnace maintenance impact, this week's pig iron output reduction due to maintenance decreased by 112,600 mt WoW, with a continued downward trend expected next week. Pig iron output continued to rebound slightly, providing some support for ore prices. Attention should be paid to the short-term impact of the Two Sessions on iron ore prices.