Inventory Pressure Gradually Emerges, Iron Ore Prices Expected to Remain Low [SMM Iron Ore Daily Review]

Published: Jul 24, 2026 18:00

Save

Iron ore futures consolidated on a subdued note today. The most-traded DCE I2609 contract closed at 746 yuan/mt, down 0.13%. Spot prices at Qingdao Port fell about 2-3 yuan/mt from the previous trading day. Trader activity was moderate, with limited inquiries from steel mills. Currently, spot trading sentiment was sluggish.
Fundamentally, SMM data showed that total iron ore inventory at major Chinese ports stood at 144.92 million mt, down 210,000 mt MoM, extending the destocking trend. Over the same period, daily average port pick-up volume edged down 15,000 mt to 3.205 million mt. Despite a sharp drop in port arrivals, the destocking pace of iron ore inventory slowed, reflecting weak demand. Looking ahead to next week, affected by a new round of environmental protection-driven production restrictions in Tangshan, the decline in hot metal output may widen, keeping iron ore prices under pressure in the near term. Attention should be paid to whether the upcoming Politburo meeting will release any bullish policy signals.

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.

For any inquiries or for more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

33 mins ago

[SMM Steel] 7.24 SMM Global Steel Daily Report

[Brazil] Major-customer bankruptcy triggers spot liquidation; Brazilian HDG prices under pressure This week domestic hot-dip galvanized (HDG) steel prices in Brazil came under downward pressure. The decline was primarily driven by a key client of a major local mill filing for bankruptcy liquidation, creating receivables risks that prompted the steelmaker to liquidate inventory at discounted spot prices to accelerate cash recovery. However, backed by robust automotive demand, quotes from other mainstream mills held firm. Hot-rolled coil ex-works prices stabilized at 750-760USD/tonne EXW, as high interest rates and tight credit conditions continued to suppress downstream purchasing sentiment. In the slab market, mills prioritized internal consumption for September shipments, keeping export offers steady at 580-585 USD/tonne FOB.

33 mins ago

1 hour ago

Macro Expectations Heat Up but Demand Under Pressure; Ferrous Metals Consolidation Pattern Hard to Change [SMM Steel Industry Chain Weekly]

Ferrous metals showed slight divergence this week, with coking coal outperforming while iron ore, coke, and coil and rebar were generally weaker, and iron ore led the decline. During the week, news of the U.S.-Iran conflict fluctuated, but the market...

1 hour ago

【SMM Analysis】Sheet and plate prices continue to consolidate near the bottom

1 hour ago