China's iron ore futures experienced fluctuations yesterday (January 20) as market sentiment turned cautious. Trading activity was moderate, with traders showing limited interest in selling and steel mills maintaining a limited motivation for restocking.

The recent optimism driven by macroeconomic factors has gradually faded, leading to a more conservative outlook. Meanwhile, iron ore shipments have slightly decreased, but molten iron production has risen slightly, so steel mills still have demand for replenishment. The market was expected to remain stable with some fluctuations in the short term.