Thin Trading, Iron Ore Prices Basically Stable [SMM Iron Ore Daily Review]

Published: Aug 10, 2026 17:02

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Iron ore futures trended weaker today. The most-traded DCE I2609 contract closed at 713.5 yuan/mt, down 0.35% from the previous trading session. Spot prices at Qingdao Port averaged down about 0-2 yuan/mt from the previous trading day. Trader activity was low, and steel mills were in a strong wait-and-see mood; overall spot volumes have been low so far.

Iron ore supply was basically stable this week. SMM data showed that global iron ore shipments totaled 32.24 million mt last week, flat WoW. China's iron ore port arrivals reached 29.68 million mt, edging down 2% WoW.

On the news front, the strike at Port Hedland continued to escalate. So far, about 150 workers have joined the strike, but the short-term overall impact on iron ore supply is limited, so market reaction has been muted. Taking all factors into account, aside from the background of iron ore oversupply and weak fundamentals, there is no strong unilateral dominant factor in the iron ore market currently. Therefore, in the short term, iron ore prices are expected to continue to consolidate on a subdued note. [SMM Steel]

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