US Blockade of Strait of Hormuz, Iron Ore Prices Rise! [SMM Daily Brief on Imported Ore]

Published: Apr 13, 2026 16:36

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Dalian iron ore futures were strong in today's afternoon session. The most-traded contract I2609 ultimately closed at 763 yuan/mt, up 1.26% from the previous trading session. Spot prices rose 5-8 yuan/mt from the previous trading day. Traders quoted actively, while steel mills purchased cautiously; overall spot cargo transactions were mediocre.

In terms of fundamental data, SMM survey data showed that China's iron ore port arrivals increased by 2.71 million mt WoW last week, reaching 27.13 million mt, up 10.1%; global total shipments rose 15.8% WoW to 33.71 million mt. As Australian ports recovered from cyclone impacts to normal operations, their shipments grew significantly, laying the foundation for the continuation of a loose supply-side pattern in the short term.

Looking ahead, as domestic blast furnace utilization rates reached their peak, iron ore demand is expected to be secured. Meanwhile, the collapse of US-Iran negotiations and the US order to blockade the Strait of Hormuz added uncertainty to the Middle East situation, and market expectations for energy prices further provided cost support for iron ore prices. Therefore, on a comprehensive basis, iron ore prices are expected to hold up well in a fluctuating trend this week.

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.

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