On May 19, 2026, iron ore futures trended weaker. The most-traded contract I2609 closed at 798.5 yuan/mt, down 0.87% from the previous trading session. Port spot prices changed 0-3 yuan from the previous day. Traders showed moderate enthusiasm in offering prices; steel mills had strong wait-and-see sentiment with few inquiries; overall spot market transactions were sluggish.
This week's SMM survey data showed that the hot metal impact from blast furnace maintenance was 1.3066 million mt, down 37,300 mt WoW; next week (May 23 to May 29), the hot metal impact from blast furnace maintenance will be 1.2448 million mt, down 61,800 mt WoW. Currently, demand outside China remained robust, and end-use demand remained solid. Steel exports rose steadily. As blast furnaces that previously underwent maintenance resume production successively, daily pig iron production is expected to rebound slightly and stay high overall, driving rigid demand for iron ore. Iron ore fundamentals provided strong price support with limited downside, and after a short-term pullback, the overall trend is expected to continue to fluctuate at highs.
![[SMM Analysis] SMM's Interpretation of the "Implementation Measures for Capacity Replacement in the Steel Industry"](https://imgqn.smm.cn/usercenter/DpLok20251217171715.png)
