Bearish Market Sentiment, Iron Ore Prices Remain in the Doldrums [SMM Imported Ore Daily Brief]

Published: Apr 10, 2026 16:15

Save

Dalian iron ore futures continued their weak trend today. The most-traded contract I2609 ultimately closed at 753.5 yuan/mt, down 0.33% from the previous trading day. Spot prices edged up 2 yuan/mt from the previous trading day. Traders showed moderate enthusiasm in quoting; most steel mills held a bearish outlook on the market, mainly adopting a wait-and-see approach, with only a few steel mills conducting tender purchases as needed. As of now, spot market transactions remained thin. Fundamentals side, hot metal production has rebounded to a high level, providing rigid support for iron ore demand. However, repeated news regarding long-term contract negotiations and the US-Iran conflict continued to disturb futures trends. Considering that long-term contract negotiations have already been priced in, if the negotiations are finalized next week, iron ore prices may see a rebound after the rapid decline.

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

22 hours ago

[SMM Steel Market Flash] POSCO Targets 35%-40% Shareholder Return Based on Adjusted Net Income

According to POSCO’s Q1 2026 earnings call, the company has introduced its third interim shareholder return policy and shifted from a free-cash-flow-based approach to a more earnings-linked framework. The new policy targets a shareholder return ratio of 35%-40% of adjusted net profit attributable to controlling interests, to be delivered through a mix of cash dividends and share buybacks or cancellations. POSCO said the change is intended to improve payout visibility while balancing growth investment and shareholder returns.

22 hours ago

[SMM Steel Market Flash] POSCO Says Middle East Tensions Continue to Squeeze Steel Margins

According to POSCO’s Q1 2026 earnings call, the ongoing US-Iran conflict has pushed up FX, oil, LNG, and logistics costs, creating clear pressure on steel margins. The company said that although sales volumes, production, and utilization rates recovered sequentially, raw material sourcing costs remain elevated due to disruptions linked to the Middle East situation, and this cost pressure is expected to continue into the second quarter.

22 hours ago

Apr 30, 2026 18:50

[SMM Hot Topic] HRC Prices Rose MoM in April, Expected to Fluctuate at Highs Before Mid-May

Apr 30, 2026 18:50