On July 31, according to SMM's imported ore cost and profit statement, the profit from imported ore slightly declined. Market news indicated that Zhao Minge, President of the China Iron and Steel Association, stated that China would continue to implement a crude steel production control policy in 2025, with relevant measures expected to manifest in the second half of the year (H2). Meanwhile, there were rumors that during the September 3 military parade, north China would implement environmental protection-driven production restrictions for at least two weeks, potentially suppressing iron ore demand. However, SMM announced today that the daily average hot metal production this week slightly decreased, and there were no new blast furnace maintenance plans for steel mills in the short term. The sustained high hot metal production supported ore prices. Nevertheless, market expectations weakened after the Political Bureau meeting, and it is anticipated that ore prices will lack upward momentum in the short term, maintaining a weak and rangebound fluctuation pattern. It is expected that the profit from imported ore may still have some room to decline.