Supply-Demand Weak Pattern, Iron Ore Prices Tend to Consolidate [SMM Iron Ore Daily Review]

Published: Aug 7, 2026 17:16

Save

Today, iron ore futures trended steadily. The most-traded DCE I2609 contract closed at 716.5 yuan/mt, up 0.35% from the previous trading session. Spot prices at Qingdao Port fell by an average of about 0-2 yuan/mt from the previous trading day. Trader activity was moderate, steel mills purchased as needed, and overall spot transactions were moderate.

This week, iron ore showed a weak supply-demand trend. SMM's latest statistics show that total iron ore inventory at 35 major ports nationwide was 146.39 million mt, down 420,000 mt WoW. Meanwhile, daily average port pick-up volume edged down 45,000 mt to 3.095 million mt. On the supply side, affected by the pace of earlier shipments and weather factors, port arrivals edged down slightly. On the demand side, this week some blast furnaces entered maintenance, and SMM's daily average pig iron production fell to 240.58. Iron ore demand also declined. From a fundamental perspective, short-term iron ore prices may mainly consolidate. [SMM Steel]

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

12 hours ago

[SMM Steel Import and Export Analysis] Export Order Taking Improved in July, Will Steel Exports Rebound in August?

12 hours ago

13 hours ago

Disturbances on the raw material side continue to impact ferrous metals trends [SMM Steel Industry Chain Weekly Report]

This week, multiple news items on the raw material front successively boosted market sentiment, with finished steel prices rebounding from lows in phases and generally showing a bottoming-out trend. At the start of the week, the weak fundamentals of finished steel were hard to change, and ferrous metals prices had overshot to the bottom. Subsequently, however, coal mines in Shanxi were affected by rainfall, and circuit failures led to production suspensions at some mines, sentimentally driving ferrous metals prices to bottom out. Mid-week, there were rumors of a 48-hour strike at BHP, with limited short-term tangible impact, but sentiment...

13 hours ago

8.7 SMM Global Steel Daily Report

On August 7 China's steel export prices were mostly steady with flat products extending gains. Some flat-product export prices rose 1 USD/tonne day on day, with HRC transactions at 482-485 USD/tonne; Chinese futures rose for successive sessions in the second half of the week and export FOB prices followed, but traders reported limited actual business after the increase, while at the mill end some traders were buying against earlier orders. Billet export FOB prices were steady, with Jiangyin port offers at 450-455 USD/tonne; offers are largely referenced to the rebar futures basis, overseas enquiries are limited and competition is fierce, with only some exporters covering earlier short billet positions. Rebar export offers at Tianjin port were steady with transactions at 474-480 USD/tonne, as overseas enquiries were unremarkable, wait-and-see sentiment prevailed and domestic traders found exporting difficult.

13 hours ago