Inventory Declined Slightly, but Pressure Has Yet to Ease; Iron Ore Prices Dropped Slightly [SMM Brief Review]

Published: Mar 27, 2026 17:48

Save

Dalian iron ore futures rose in early trading today before slowly pulling back. The most-traded contract I2605 finally closed at 812 yuan/mt, down 0.49% from the previous trading session. Spot prices fell by about 2-5 yuan from the previous trading day. Traders were mediocre in offering quotations, while steel mills restocked as needed; overall transactions in the spot market were limited.

Fundamentals, according to the SMM survey, port inventories began to decline slightly this week, with total inventory across 35 ports nationwide down 610,000 mt WoW to 155.78 million mt, a decrease of 0.39%. Meanwhile, port pick-up volume increased by 110,000 mt WoW to 2.855 million mt. Although support below ore prices gradually strengthened along with the pace of hot metal production resumptions, supply side still faced the risk of further increases as weather-related disruptions eased and iron ore returning from the Middle East arrived in China. Overall, upward pressure on ore prices had not yet eased significantly, and with downside support gradually strengthening, prices were expected to fluctuate at highs in the short term.

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 for 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

6 hours ago

Steel Bidding Prices Drop by 200, Chrome Market Running in the Doldrums [SMM Analysis]

June 26, 2026 – The chromium market continued to decline this week, with the ample supply pattern unchanged and demand remaining weak.

6 hours ago

In the short term, ferrous commodities will continue to consolidate near the bottom [SMM Steel Industry Chain Weekly Report]

This week, ferrous metals fell continuously. During the week, there were many disturbances from unverified market rumors, but overall macro sentiment was weak, and expectations of rate hikes outside China continued to weigh on commodity sentiment. Earlier, rumors of a strike at BHP caused a slight rebound in iron ore; in the latter half of the week, Tangshan issued a notice on the "Tangshan Industrial Source Emission Reduction Plan for H2 2026," and combined with post-holiday inventory accumulation of the five major steel products, market sentiment was weak, and ferrous metals fell again. In the spot market, the off-season characteristics for end-users became more evident, market demand continued to weaken. While spot prices remained relatively firm, the spot-futures price spread widened somewhat, and positions in both futures and spot markets were unwound. Transactions were concluded at prices below market levels, further dragging down market prices......

6 hours ago

6.26 SMM Global Steel Daily Report

[Flat Products] HRC Holds Steady While Other Flat Products Edge Lower on Exports Today HRC export prices held broadly steady while other flat-product export prices edged lower day on day, with HRC concluded at 491-500 USD/tonne. With the Strait of Hormuz situation fluctuating, fresh inquiries for HRC, heavy plate and other products emerged from that region this week, but sellers report actual deals remain limited. Separately, about 10000 tonnes of Q195 HRC for re-export was sold to Vietnam recently at 500-503 USD/tonne CFR.

6 hours ago