News Drives Sentiment Improvement, Iron Ore Prices See Minor Rebound [SMM Brief Review]

Published: Feb 25, 2026 17:38

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Iron ore futures rebounded slightly today, with the most-traded contract I2605 closing at 752.5 yuan/mt, up 1.42% from the previous trading day. Spot prices rose by 5–10 yuan/mt compared to the previous trading day. Traders' shipment enthusiasm was moderate, steel mills' inquiries were moderate, but purchase willingness was average. Overall market trading activity was sluggish. According to the SMM survey, on February 25, the blast furnace operating rate of 242 steel mills surveyed by SMM was 87.19%, up 0.23 percentage points WoW from before the holiday. Daily average hot metal output from sampled steel mills was 2.3937 million mt, up 7,700 mt WoW from before the holiday. This week, although individual steel mills suspended production due to unexpected blast furnace accidents, the duration was short. Overall hot metal output still increased, providing some support for ore prices. In addition, with the approaching Two Sessions and increasing real estate news recently, market sentiment improved, and ore prices rebounded along with the industry. However, considering environmental protection-driven production restrictions in north China during the Two Sessions may curb iron ore demand, upward resistance for ore prices remains significant, and prices may fluctuate rangebound in the short term.

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