Port Pick-Up Volume Rebounded to 3 Million mt, but Iron Ore Closed Slightly Lower [SMM Imported Ore Daily Review]

Published: Apr 3, 2026 17:34

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Today, Dalian iron ore fluctuated in the doldrums, with the most-traded contract I2605 finally closing at 799.5 yuan/mt, down 0.50% from the previous trading session. Spot prices fell by about 2-5 yuan from the previous trading day. Traders were moderately active in offering quotes, while steel mills mainly restocked to meet rigid demand, and transactions in the spot market tended to be mediocre.

This week, total inventory at 35 main ports fell by 300,000 mt WoW to 155.48 million mt; over the same period, daily average port pick-up volume is expected to increase by 3 million mt, up 150,000 mt WoW. As steel mills gradually resumed blast furnace production, hot metal production rose steadily, effectively supporting rigid demand for iron ore. From a macro perspective, growing expectations that the conflict in the Middle East will become prolonged meant that energy prices hovering at highs will provide some cost support for iron ore. However, continued compression in steel mill profits and weak willingness to transact restrained upside room for iron ore prices. On balance, iron ore prices are expected to remain in the doldrums in the short term.

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