Shipments and arrivals both up MoM; ore prices stay strong as capital sentiment dominates 【SMM Iron Ore Daily Review】

Published: Sep 7, 2026 18:33

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Iron ore futures held up well today. The most-traded DCE contract I2701 closed at 734.5 yuan/mt, up 1.17% from the previous trading day. Spot prices at Qingdao Port rose by an average of 1-9 yuan/mt. Trader offering enthusiasm was moderate, steel mills were largely in a wait-and-see stance, and overall spot trading activity remained low.
Fundamentals side, iron ore supply edged up. According to SMM observations, as of the end of last week, global iron ore shipments totaled 34.45 million mt, up 14% WoW, with cumulative shipments basically flat YoY. Excluding South Africa, shipments from Australia, Brazil, and other non-mainstream countries all posted slight increases. Over the same period, China's iron ore arrivals totaled 26.91 million mt, up 19% WoW and up 4.2% YoY on a cumulative basis. Elsewhere, SMM notes that trading in iron ore call options was relatively active in markets outside China, reflecting continued confidence in the market outlook. Overall, iron ore prices may be driven more by capital flows in the near term, with sentiment likely to sustain the firm trend, though negotiation progress still warrants attention. [SMM Steel]

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