China-U.S. Tariff Talks Yield Better-Than-Expected Results, Iron Ore Prices Surge Significantly [SMM Brief Comment]

Published: May 12, 2025 17:17

Save

Today, DCE iron ore futures surged significantly, with the most-traded contract I2509 closing at 718.5, up 3.16% for the day. Traders showed good enthusiasm for selling, and speculative transactions increased slightly. Steel mills remained cautious and adopted a wait-and-see attitude, purchasing as needed. The market transaction atmosphere was average. The mainstream transaction prices of PB fines in Shandong were around 765-773 yuan/mt, up 15-18 yuan/mt from last Friday. The transaction prices of PB fines in Tangshan were around 780-785 yuan/mt, up 20 yuan/mt from last Friday.

Last week, the total global iron ore shipments reported by SMM were 31.62 million mt, down 740,000 mt WoW, a slight decrease of 2.3%. Among them, Australia's shipments were 17.46 million mt, down slightly by 8.3% WoW. Brazil's shipments were 7.75 million mt, up slightly by 13.2% WoW. Shipments from non-mainstream mines were 6.42 million mt, up slightly by 11.6% WoW. The total iron ore arrivals in China reported by SMM were 26.81 million mt, up 1.51 million mt WoW, an increase of 5.96%. There was a slight YoY increase of 14%. The supply pressure on iron ore was relatively small, and inventory may continue to decline slightly. In addition, the results of today's Sino-US tariff negotiations exceeded expectations, boosting market sentiment and driving ore prices to surge significantly. In the later stage, focus will be on the crude steel production reduction policy and the accumulation of major steel inventories.

》Subscribe to view SMM metal spot historical prices

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

15 hours ago

[SMM Analysis] The Loose Market Pattern Remained Unchanged, and Grain-Oriented Silicon Steel Prices May Temporarily Hold Steady Next Week

[Loose Pattern Unchanged, GO Silicon Steel Prices Expected to Remain Stable Next Week] Currently, demand in the downstream transformer industry is clearly diverging. Orders for high-end projects such as ultra-high voltage and data center supporting facilities remain stable, underpinning demand for high-grade Hi-B silicon steel. However, orders for ordinary distribution transformers are sluggish, with demand for mid-to-low-grade resources remaining persistently weak. Most transformer enterprises maintain strategies of just-in-time procurement and low inventory operations, resulting in limited market purchasing enthusiasm. The supply side exhibits structural looseness, with ample circulating resources of ordinary CGO grain-oriented silicon steel in the market. Some small and medium-sized traders are offering slight price concessions to accelerate capital turnover. Meanwhile, high-end grade resources such as high magnetic induction and ultra-thin specifications remain tight, with top-tier enterprises holding firm on their quoted prices.

15 hours ago

16 hours ago

Yanzhou Coal Energy Goes Global Again: Subsidiary Yancoal Australia Plans to Acquire 80% Interest in Kestrel Coal Mine for $2.4 Billion to Expand Global Coking Coal Portfolio

16 hours ago

17 hours ago

[SMM Steel] ArcelorMittal Dofasco shuts No.3 coke plant in Hamilton

[SMM Steel] ArcelorMittal Dofasco completed the shutdown of its No. 3 coke plant in Hamilton on April 13, 2026, as part of its decarbonization roadmap. The closure is expected to reduce emissions such as benzene and benzo(a)pyrene. The company will continue operations at its No. 2 coke plant, while affected employees have been reassigned internally.

17 hours ago