Market expectations remain strong, iron ore prices continue to rise [SMM Brief Review]

DCE iron ore futures surged significantly in the afternoon session. The most-traded contract I2605 closed at 801, up 0.69% from the previous working day. Traders showed moderate willingness to sell; steel mills purchased as needed, with average inquiries. Market transaction atmosphere was moderate. In Shandong, PB fines traded at 805-808 yuan/mt, up 0-3 yuan/mt from yesterday; in Hebei, PB fines traded at 820-826 yuan/mt, up 1-3 yuan/mt from yesterday.

According to SMM blast furnace maintenance impact data, the maintenance impact volume this week was 1.8371 million mt, down 58,300 mt WoW. Hot metal production is expected to rebound slightly this week. Combined with increased pre-holiday restocking expectations, iron ore prices held up well. Short-term market sentiment remained positive, and ore prices are expected to continue holding up well.