The Most-Traded I2309 Contract Closed At 806.5 Yuan/Mt, Down 0.92%.

The most-traded I2309 contract closed at 806.5 yuan/mt, down 0.92%. The quotations of some traders were still firm. Steel mills purchased for hand-to-mouth use. The overall market trading was average. The transaction prices of PB fines in Shandong stood at 850 -855 yuan/mt, down 0-5 yuan/mt from yesterday, and those in Tangshan were 875-880 yuan/mt, down 0-5 yuan/mt for the same period. Today, the People's Bank of China lowered the one-year and five-year loan prime rate (LPR) by 10 basis points to 3.55% and 4.20%, respectively. Real estate was bullish, but with a slack demand seasonal, recent rainstorms and festivals in many parts of the country, the market sentiment was still weak. In addition, the increase in coke prices and the shrinking profits of steel mills also put pressure on ore prices. In the short term, high-speed molten iron will still have some support for ore prices. Iron ore will fluctuate at a high level in a short run.