Restocking Demand Persists; Iron Ore Prices Move Sideways [SMM Iron Ore Daily Review]

Published: Sep 21, 2026 17:12 (GMT+8)

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[SMM Iron Ore Daily Review]
Iron ore futures consolidated on a strong note today. The most-traded DCE contract I2701 closed at 715 yuan/mt, up 0.14% from the previous trading day. Spot prices at Qingdao Port were basically stable from yesterday, with traders quoting based on market conditions. Some steel mills still had restocking demand, and spot market trading sentiment was average.

Last week, SMM global iron ore shipments totaled 34.41 million mt, down 8% WoW, with cumulative volume flat YoY. Both Australia and Brazil edged down; among non-mainstream countries, shipments from Peru and India grew notably, while other countries edged down. In addition, last week SMM China iron ore arrivals totaled 31.32 million mt, up 16% WoW, with cumulative volume up 4.8% YoY. Demand side, some steel mills have not yet finished pre-holiday stockpiling, and there is still some purchase demand this week, providing some support to iron ore prices; however, stockpiling is nearing its end, and steel mills have a strong willingness to purchase at low prices, keeping iron ore prices in a narrow consolidation pattern overall.

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