Hot Metal Peaked and Pulled Back, but Iron Ore Closed Up 0.90% on Market Sentiment [SMM Imported Ore Daily Brief]

Published: Apr 29, 2026 17:21

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Iron ore futures traded stronger today, with the most-traded contract I2609 closing at 787.5 yuan/mt, up 0.90% from the previous trading session. Spot prices rose 6-7 from the previous day. Traders showed moderate enthusiasm in quoting, while steel mills maintained a strong wait-and-see attitude with fewer inquiries; overall spot transactions were thin.

Fundamentals: According to the latest SMM survey data, daily average hot metal production pulled back to 2.4405 million mt, down 8,900 mt WoW. Some steel mills have successively formulated short-term maintenance plans, and overall hot metal production has begun to show signs of peaking and pulling back. Nevertheless, as downstream demand and cost support remain relatively solid, iron ore price support remains firm.

Additionally, influenced by recent policies, market expectations for tightening liquidity in bulk commodities were strong, with some bullish sentiment emerging in the market overall; however, in the long term, tightening of iron ore trade liquidity is not sustainable. Therefore, ore prices may continue to fluctuate at highs in the short term, without a strong unilateral trend.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

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