Maintenance Decreases, Rigid Demand Rebounds; Iron Ore Expected to Trend Stronger [SMM Imported Ore Daily Brief]

On May 26, 2026, DCE iron ore futures trended weaker, with the most-traded contract I2609 closing at 781 yuan/mt, down 1.95% from the previous trading session. Port spot prices fell 5-10 yuan/mt from the previous day. Traders showed moderate enthusiasm in offering prices; steel mill purchases were mostly for immediate needs; overall spot market transactions remained limited as of now.

According to SMM statistics, the impact from blast furnace maintenance on hot metal production was 1.3075 million mt this week, down 68,400 mt WoW; next week, the impact from maintenance is expected to further decline to 1.2049 million mt, down another 102,600 mt WoW. The narrowing of maintenance impact for two consecutive weeks indicates that hot metal production is gradually rebounding, with blast furnace consumption and procurement of iron ore increasing in tandem, pointing to a mild uptick in iron ore demand. With marginal improvement in demand, short-term ore price support remains firm, and prices are expected to fluctuate upward.