Latest Update in the SMM Pig Iron Market

Today, iron ore futures moved downwards after a higher opening, with the most-traded contract I2501 finally closing at 786.5 yuan/mt, maintaining stability throughout the day.

On Monday, November 26, US President-elect Donald Trump reiterated his tariff plans on social media, including a 25 per cent duty on all imports from Mexico and Canada. According to Citibank analysts, the tariff on Mexico and Canada would affect the global commodity market, but the maximum impact would be on aluminium and steel.

China's automotive industry continues to show strong growth in the international market.

According to an SMM survey, the capacity utilisation rate of domestic iron ore mines was 59% last week, down 0.7% WoW; iron ore concentrates production was 787,000 mt, down 10,000 mt WoW;

According to SMM's tracking survey data, 21 blast furnaces underwent maintenance in November, reducing daily pig iron production by 99,000 mt, affecting a total of 1.3292 million mt of pig iron production for the month.

According to an SMM survey, as of November 26, the operating rate of 50 major electric furnace steel mills producing construction steel nationwide was 38.80%, down 0.48% WoW;

SMM, Nov 28: According to SMM statistics, during the week of November 23 to November 29, the impact of blast furnace maintenance on pig iron production was 1.4846 million mt, up 65,400 mt WoW.

Today, iron ore fluctuated upward, with the most-traded contract I2501 closing at 792 yuan, up 1.08% for the day. Traders were actively selling, while steel mills remained cautious and had moderate purchase willingness.