Today, the iron ore futures moved steadily today. Spot prices at Qingdao Port fell by 0–2 yuan/mt from the previous trading day. Iron ore demand support weakened slightly this week. SMM data showed the blast furnace operating rate across 242 steel mills at 88.91%, down 0.13 percentage points WoW. Overall, ore prices may continue to consolidate in the near term, but iron ore’s own fundamentals currently cannot drive a trending move, leaving the overall market still dependent on news-driven catalysts.