Iron Ore Demand Peak, Closing Up 0.99% [SMM Imported Ore Daily Brief]

Published: Apr 15, 2026 17:33

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DCE iron ore futures trended stronger today. The most-traded contract I2609 ultimately closed at 764 yuan/mt, up 0.99% from the previous trading session. Spot prices rose 2-5 yuan/mt from the previous trading day. Traders quoted actively, while steel mills mostly remained on the sidelines purchasing on demand; overall spot transactions were moderate.

Fundamentals, the SMM survey showed that the blast furnace utilization rate at 242 sample steel mills was approximately 90.21% this week, up 0.91% WoW. Daily average pig iron production reached 2.4441 million mt, up 5,100 mt WoW. Overall rigid demand for iron ore remained solid and was expected to edge up next week.

News, market rumors suggested that restrictions on certain previously restricted categories had been partially lifted, and iron ore arriving subsequently could be freely picked up from ports, while the previously accumulated high inventory remained restricted. Overall iron ore supply was expected to edge up, but given the current high demand, the incremental supply was expected to be well absorbed, posing no bearish factors. Therefore, iron ore prices were likely to show strong downside support in the short term, and fluctuate upward.

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