Spot prices mixed as market stays balanced; Port Hedland talks break down [SMM Daily Iron Ore Brief]

Published: Sep 15, 2026 17:20

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Iron ore futures were weaker today. The DCE most-traded I2701 contract settled at 707.5 yuan/mt, down 0.56% from the previous session. Qingdao port spot prices were mixed, ranging from down 3 yuan/mt to up 2 yuan/mt. Traders were reluctant to offer and some mills bought on dips. Spot trading was thin.

Negative feedback through the chain continues, with more mills signalling maintenance plans and demand staying weak. Supply remains in a pattern of high inventories with limited builds and limited draws. Elsewhere, a union negotiation proposal at Port Hedland was formally rejected, though there is no word yet of strike action.

After the sharp falls of recent sessions, the market remains caught between bulls and bears, but the bearish balance still holds. Iron ore prices are likely to stay range-bound with a weaker bias in the near term.

[SMM Steel]

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