Maintenance has limited impact; iron ore prices open low and close high [SMM Comment]

Published: Jul 8, 2025 17:34

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Today, DCE iron ore futures opened lower and closed higher, holding up well throughout the day. The most-traded contract I2509 eventually closed at 733, up 0.14% for the day. Traders sold goods according to market conditions. Steel mills purchased as needed. The market transaction atmosphere was good. The mainstream transaction prices of PB fines in the Shandong region were around 723-724 yuan/mt, up 2-3 yuan/mt from yesterday; the transaction prices of PB fines in the Tangshan region were around 733-735 yuan/mt, up 0-3 yuan/mt from yesterday.

The market's pessimistic sentiment regarding tariffs has eased somewhat. Despite recent rumors of production restrictions, the actual impact has been limited. SMM data shows that the impact from blast furnace maintenance this week only increased by 30,700 mt MoM to 1.1845 million mt, with a limited decline in pig iron production. Coupled with a significant contraction in short-term iron ore supply, the weak supply-demand pattern has instead supported a rebound in ore prices. Subsequent attention should be focused on changes in demand for finished steel products and inventory accumulation during the off-season.

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