[SMM Iron Ore] Lower freight and a firmer yuan narrow imported iron ore losses

Published: Sep 17, 2026 14:46

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The average imported iron ore margin recovered from -13.18 yuan/mt to -3.97 yuan/mt this period, helped by lower Australian freight rates, a stronger yuan against the US dollar and softer seaborne premiums.

SMM survey data showed mill losses deepening and end-use demand still weak, prompting more blast furnace maintenance. As of 16 September, the blast furnace operating rate across 242 mills tracked by SMM stood at 88.93%, down 0.15 percentage point week on week. Average daily hot metal output at sample mills fell 3,700 mt to 2.3991 million mt. Some mills have begun pre-holiday restocking, however, and overall iron ore demand still lends support to prices.

Iron ore prices face resistance in both directions and are likely to stay range-bound in the near term. Imported margins are likely to remain negative until end-use demand improves.

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.

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