End of restocking removes support as iron ore stays soft [SMM Daily Iron Ore Brief]

Published: Sep 28, 2026 17:03 (GMT+8)

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Iron ore futures were weaker today. The DCE most-traded I2701 contract settled at 705 yuan/mt, down 0.91% from the previous session. In the spot market, traders were reluctant to offer and mills bought to cover immediate needs. Spot trading was thin, with Qingdao port prices down 6-10 yuan/mt from last week.

Supply was broadly steady on the week. SMM data put arrivals at Chinese ports at 29.46 million mt, down 6% week on week and up 4.9% year to date. Global shipments totalled 35.51 million mt, up 3% week on week and flat on a cumulative year-on-year basis.

On demand, mill losses have yet to improve and most are holding output at recent levels. Some mills have pushed maintenance to after the holiday on tight coke supply. Restocking demand has largely run its course, weakening price support. Iron ore prices lack support in the near term and are likely to stay soft. [SMM Steel]

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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