A loosening supply situation gradually emerges, iron ore prices continue to fall under pressure [SMM Imported Ore Daily Brief]

Published: Jun 8, 2026 17:08

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DCE iron ore futures trended weaker today, with the most-traded contract I2609 closing at 759 yuan/mt, down 0.78% from the previous trading day. Port spot prices fell 5 yuan/mt from the day before. Traders followed the market trend with moderate offering interest; steel mills mainly engaged in need-based restocking, with limited inquiry. Trading volume of spot cargoes was modest as of now.

Shipping data shows China's iron ore supply has entered a loose phase, with ore prices gradually coming under pressure. SMM data indicates that last week, global iron ore shipment volume dropped 3.88% WoW to 33.83 million mt, while iron ore arrivals at Chinese ports rose 2% WoW to 27.54 million mt. Meanwhile, the decline in port pick-up volume also reflects that demand from steel mills has begun to slow. With expectations of rising coking coal and coke prices still in place, even if hot metal prices remain elevated, steel mills' receptiveness to iron ore prices is quite constrained, making ore prices overall more likely to fall than rise. In the near term, iron ore prices will likely remain under pressure, exhibiting a generally weak trend.

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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