The price impact was relatively small, and iron ore prices continued to fluctuate rangebound. [SMM Brief Review]

Today, iron ore futures were in the doldrums, with the most-traded contract I2601 closing at 799.5, down 0.19% from the previous trading day. Traders sold at market prices, while steel mills purchased as needed. Market trading sentiment was moderate. In Shandong, transaction prices for PB fines were 793-800 yuan, flat from yesterday's prices; in Hebei, transaction prices for PB fines were 805-815 yuan/mt. Spot market supply of old PB fines was limited, supporting transaction prices, but prices for 60.8% PB fines remained flat from yesterday.

According to SMM data this week, the blast furnace operating rate at 242 steel mills was 85.91%, down 0.26 percentage points WoW. Daily average hot metal production at sampled steel mills was 2.3805 million mt, down 6,800 mt WoW. Based on current plans, the decline is expected to widen next week, with overall iron ore demand continuing to weaken. Ore prices are under pressure. However, as this week's meeting has not yet been held, year-end market expectations remain. Ore prices have downside support and may continue to fluctuate rangebound in the short term.