Port stocks build again as dispatch weakens; iron ore stays soft [SMM Daily Iron Ore Brief]

Published: Sep 18, 2026 17:27

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Iron ore futures opened firmer today before easing in the afternoon. The DCE most-traded I2701 contract settled at 715.5 yuan/mt, up 0.70% from the previous session. Qingdao port spot prices were broadly flat. Traders were active in offering while mills stayed on the sidelines. Spot trading was thin.

Arrivals were steady this week. Deeper mill losses have pulled blast furnace hot metal output lower, and port inventories have turned to a build while dispatch has weakened. SMM data showed stocks across 35 major Chinese ports at 144.33 million mt, up 840,000 mt week on week. Average daily port outbound volume fell 25,000 mt to 3.21 million mt.

End-use demand has yet to reach a turning point and iron ore demand is unlikely to improve in the near term. Prices are likely to stay in a narrow range with a weaker bias.

[SMM Steel]

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