Restocking Not Yet Over, Strong Downward Resistance for Iron Ore Prices [SMM Iron Ore Daily Review]

Published: Sep 22, 2026 18:05 (GMT+8)

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[SMM Iron Ore Daily Brief Review]
Iron ore futures opened consolidating on a strong note today before weakening somewhat in the afternoon. The most-traded DCE I2701 contract closed at 708 yuan/mt, down 1.05% from the previous trading day. Spot prices fell 3–5 yuan/mt from yesterday; traders’ offers were relatively firm. Steel mills purchased as needed, with a strong desire to bargain down prices, and spot trading sentiment was average.
According to SMM statistics, blast furnace maintenance this week (September 19–September 25) affected hot metal production by 1.5267 million mt, an increase of 56,000 mt MoM; next week (September 26–October 2), the affected volume was expected to rise to 1.5733 million mt, up another 46,600 mt MoM. Ongoing losses at steel mills led to more blast furnace maintenance, further reducing hot metal production and weakening support for ore prices. In addition, the market again heard news today about the lifting of restrictions on low-grade ore, with sentiment turning relatively pessimistic and dragging ore prices lower. However, given that pre-holiday stockpiling had not yet been completed, downside resistance for iron ore was relatively strong, and the decline was expected to be limited. [SMM Steel]

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