Firmer spot prices return imported iron ore margins to profit [SMM Iron Ore]

Published: Sep 21, 2026 09:59

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The average imported iron ore margin moved from -2.84 yuan/mt to 6.48 yuan/mt this period, returning to positive territory on higher spot prices.

Arrivals have been steady and supply is little changed. On demand, deeper mill losses have pulled blast furnace hot metal output lower, port inventories have turned to a build and 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, and imported margins are likely to track spot lower.

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