Tightening Trade Restrictions, Market Sentiment Underpins Iron Ore Price Rise [SMM Iron Ore Daily Review]

Published: Aug 6, 2026 17:30

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Today, iron ore futures strengthened. The most-traded DCE I2609 contract closed at 719 yuan/mt, up 2.57% from the previous trading session. Spot prices at Qingdao Port averaged an increase of about 10-15 yuan/mt from the previous trading day. Traders offered actively, steel mills purchased as needed, and overall spot transactions were moderate.
Currently, the supply-demand fundamentals of iron ore have not changed much. In terms of inventory structure, concentrates and lump ore continued their destocking trend, while pellet inventory edged up. Among them, PB fines saw a notable inventory buildup.
On the news front, market rumors suggested that a large mine may face trade controls. Although iron ore inventory and port arrivals are both at relatively high levels, such rumors still triggered concerns over structural supply shortages. Therefore, taking all factors into account, sentiment-driven support is likely to underpin iron ore in the short term, causing prices to drift higher. [SMM Steel]

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