Iron Ore Destocking Speed Slowed Down, Iron Ore Prices Dipped Slightly but Remained at High Levels [SMM Imported Ore Daily Brief]

Published: May 8, 2026 16:54

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On May 8, 2026, iron ore futures showed a fluctuating trend in the morning session and pulled back slightly in the afternoon. The most-traded contract I2609 ultimately closed at 814.5 yuan/mt, down 0.06% from the previous trading session. Port spot prices were basically flat compared to the previous day. Traders showed low enthusiasm in offering prices, and most steel mills maintained a wait-and-see stance, with purchases mainly driven by rigid demand. The overall spot trading atmosphere was lukewarm.

Recently, iron ore inventory continued its destocking trend, but the pace of destocking began to slow down as steel mills' purchase willingness weakened after the holiday. According to the latest SMM statistics, total iron ore inventory at 35 main ports nationwide stood at 149.85 million mt, down 230,000 mt WoW, indicating slight destocking overall. During the same period, daily average port pick-up volume edged down by 40,000 mt to 3.265 million mt. As shipments from Australia and Brazil rebound, the iron ore supply side may re-enter an inventory buildup phase. Going forward, continued attention should be paid to the pace of steel mill production cuts and the recovery of end-use demand. In the short term, ore prices may edge lower slightly, but overall are expected to fluctuate at highs.

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