[SMM Brief Review] Futures Closed Up 1.34%, Destocking of High-Grade Ore Was Significant, and Structural Tightness Continued to Intensify

Published: Mar 12, 2026 16:55

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Dalian iron ore futures were relatively strong today, with the most-traded contract I2605 finally closing at 795.5 yuan/mt, up 1.34% from the previous trading session. Meanwhile, spot prices rose by 5-10 yuan from the previous trading day. Traders were moderately active in offering quotes, while steel mills made fewer inquiries. Overall transactions in the spot market were limited.

This week, inventory at the 10 key ports totaled 118.99 million mt, up 1.08 million mt WoW. Among them, destocking in IOCJ fines and PB lump was evident, reflecting stronger demand for high-grade ore in the market.
Looking ahead, earlier news regarding a structural supply deficit has begun to see implementation details emerge, intensifying market concerns over shortages in certain varieties. Driven by market sentiment, iron ore prices are expected to maintain a relatively strong trend in the short term.

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