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MMi Daily Iron Ore Index Report January 16 2025

Today, iron ore futures fluctuated upward. The most-traded I2505 contract finally closed at 797 yuan/mt, up 1.92% for the day. Traders showed an increased willingness to sell. Steel mills remained cautious, purchasing as needed. The market transaction atmosphere was average today. In Shandong, the mainstream transaction prices for PB fines were 785-790 yuan/mt, up 10 yuan/mt from yesterday; in Tangshan, the transaction prices for PB fines were around 810-815 yuan/mt, up 10-15 yuan/mt from yesterday. Industry data released today showed strong performance in HRC, with apparent demand seeing significant growth during the off-season, corroborated by robust HRC export orders. Coupled with continuous macro news recently, there was additional news in the afternoon about a cyclone in Australia affecting shipments from major mines in the region, which drove iron ore prices higher toward the close. Considering that pre-holiday restocking by steel mills is nearing completion and future demand is unlikely to sustain, this may suppress further increases in iron ore spot prices. In the short term, ore prices may fluctuate at high levels.


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Source: Metals Market Index (MMI)

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