Iron Ore Futures Undergo Contract Rollover, Prices Decline Amid Environmental Restrictions

Publicado: Dec 11, 2024 16:46
Today, the iron ore futures underwent a contract rollover, with the most-traded contract switching to the I2505 contract. Throughout the day, it fluctuated downward and eventually closed at 802, down 0.8% for the day. Today's market transaction atmosphere was average. Transaction prices fell by 5 yuan/mt compared to yesterday. According to an SMM survey, on December 11, the operating rate of blast furnaces at 242 steel mills surveyed by SMM was 86.23%, down 2.71 percentage points MoM. The daily average pig iron production of the sample steel mills was 2.3626 million mt, down 47,500 mt MoM. Recently, due to environmental protection-driven production restrictions in Hebei, many steel mills have shut down their blast furnaces, leading to a significant decline in pig iron production. This has caused iron ore prices to fluctuate downward. Considering that important meetings are still being held recently, the downward space for iron ore is relatively limited. Attention should be paid to the impact of economic meeting content on market sentiment.

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