Supply Continues to Ease, Bullish and Bearish News Intertwined! [SMM Daily Brief on Imported Ore]

Published: Jun 29, 2026 17:01

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Today, DCE iron ore futures started weak and strengthened later, with contract I2609 eventually closing at 746 yuan/mt, up 0.67% from the previous trading session. Port spot prices were unchanged from the previous trading day. Trader activity was moderate, and steel mills purchased as needed. Spot trading volumes were mediocre as of now.
In the short term, the iron ore supply side continues to ease. According to SMM data, China's iron ore port arrivals reached 29.33 million mt last week, up 5.47% WoW and 5.94% YoY. Meanwhile, SMM's total iron ore inventory across 35 ports reached approximately 148 million mt based on the latest data, with overall destocking beginning to slow down. As downstream demand weakens, pressure on the iron ore supply side is gradually emerging, continuing to cap the price ceiling. Meanwhile, bullish and bearish rumors are intertwined in the news, which may drive iron ore prices to edge up slightly in the near term. Taking all factors into account, the market may continue its sideways consolidation pattern in the near term. [SMM Steel]

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