Coke High Prices Force Steel Mill Maintenance; Weakening Iron Ore Demand Keeps Ore Prices Soft [SMM Iron Ore Daily Review]

Published: Sep 14, 2026 17:15

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Iron ore futures trended weak today. The most-traded DCE I2701 contract closed at 708.5 yuan/mt, down 1.60% from the previous trading day. Spot prices at Qingdao Port fell by around 0-5 yuan/mt on average. Trader activity was moderate, steel mills restocked on an as-needed basis with a strong wait-and-see sentiment, and overall spot transactions were sluggish.

Coke prices remained high, and some steel mills have entered maintenance due to tight coke supply, weakening rigid demand for iron ore accordingly. Supply side, according to SMM survey data, port inventory basically maintained a pattern of high inventory, low destocking, and low inventory buildup, with no significant changes. SMM data showed global iron ore shipments totaled 37.41 million mt, up 9% WoW, with cumulative shipments flat YoY. Shipments from Australia and non-mainstream countries increased, while Brazil edged down. In addition, China's total iron ore arrivals last week reached 26.91 million mt, flat WoW, with cumulative arrivals up 4.2% YoY. With demand contracting and supply maintained, iron ore prices may continue their weak trend in the short term. [SMM Steel]

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