Iron ore futures fluctuated and retreated on Wednesday. Yesterday, 910,000 tons of spot transactions were completed at the port. The price of PB fines at Rizhao Port was 770 (0) yuan/ton, and that of superfine fines was 660 (0) yuan/ton. The spot price difference between high-quality and low-quality PB fines and superfine fines was 110 yuan/ton. Tangshan steel mills will gradually shut down their blast furnaces for maintenance as required at the end of the month. It is expected that 16 new blast furnaces will be put under maintenance, which will affect the daily molten iron production by about 116,600 tons (including blast furnaces that have been under maintenance). The capacity utilization rate has dropped to 78.13%, down 10.7% from August 27 and 6.84% from the same period last year.

    Tangshan steel mills have increased production restrictions at the end of the month, and iron ore demand has decreased. Overseas shipments and port arrivals have fallen slightly month-on-month this week. The supply side remains stable, and port inventories will rebound temporarily. On the demand side, the average daily output last week remained at a high level of more than 2.4 million tons. Maintenance increased at the end of the month, and molten iron production fell. In the short term, supply and demand are weak, and the expectation of replenishment after the military parade supports futures prices.

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