Geopolitical Conflicts Resurface, May Boost Iron Ore Prices to Continue Rising [SMM Brief Review]

Published: Jan 4, 2026 17:38

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There was no futures guidance today. Traders showed moderate enthusiasm for selling; steel mills had limited inquiries, with a few purchasing as needed. Market transactions were sluggish. In the Shandong region, the transaction price for PB fines was 795-800 yuan, basically stable compared to pre-holiday levels; in the Hebei region, the transaction price for PB fines was 810-820 yuan/mt, also basically stable compared to pre-holiday levels.

Entering January, some steel mills completed blast furnace maintenance, leading to a significant rebound in hot metal production, which will drive an increase in iron ore demand. Additionally, during the holiday, Venezuela was attacked. Although its iron ore production is relatively low, this incident will have some impact on market sentiment. Iron ore prices are expected to have further room to rise next week.

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