[SMM Iron Ore] Softer spot prices deepen imported iron ore losses

Published: Sep 30, 2026 09:47 (GMT+8)

Save

The average imported iron ore margin narrowed from -5.08 yuan/mt to -6.12 yuan/mt this period, dragged down by a modest decline in spot prices.

Iron ore demand remains weak. SMM data showed hot metal output lost to blast furnace maintenance at 1.6288 million mt this week (26 September to 2 October), up 35,800 mt week on week. The figure is expected to rise further to 1.6839 million mt next week (3 to 9 October), up 55,100 mt.

On the news front, market talk points to a first round of coke price cuts, expected to take effect in early October. That would ease cost pressure on mills and could loosen the constraint that has been weighing on iron ore procurement. With iron ore still lacking bullish drivers, however, prices are likely to stay soft within a range in the near term, and imported margins are likely to narrow further.

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.

For any inquiries or for more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

1 hour ago

[Indian Railways Approves INR 122 Cr for Doubling Barbil–Bolanikhadan Line in Odisha]

Indian Railways has approved doubling of the 6 km Barbil–Bolanikhadan section under Southeastern Railway of Odisha at a cost of INR 122 Cr. The single line stretch now carries about 9 million tonnes of freight a year, entirely high-grade iron ore and pellets moving from SAIL's Bolani mines and private sidings to steel plants and ports. Once doubled, it can handle an extra 8.9 million tonnes annually and reduce freight train delays. Part of the "Energy, Mineral and Cement Corridor," the project aims to prevent congestion ahead of SAIL's mine expansion and new port and plant capacity.

1 hour ago

4 hours ago

[Brazil's CSN Mineração Cuts 2026 Iron Ore Production Guidance to 39–41 Mt and Suspends Low-Grade Ore Output]

Brazilian iron ore miner CSN Mineração (subsidiary of Companhia Siderúrgica Nacional - CSN) disclosed in a regulatory filing that it has revised its 2026 iron ore production and third-party purchase volume guidance downward from 45.0–47.0 million metric tons (Mt) to 39.0–41.0 Mt. Concurrently, the company raised its 2026 C1 cash cost guidance from $22.0–$23.5/mt to $25.0–$26.0/mt. The revision stems from a temporary suspension of lower-grade iron ore processing at its Pires Complex dry processing plant and a reduction in third-party ore purchases, driven by margin pressure from elevated Brazil-China freight rates and challenging market conditions. CSN noted that the measure can be reversed if market conditions support stronger margins. [SMM Iron Ore]

4 hours ago

5 hours ago

[ US Raw Steel Production Rises 3.4% to 1.845 Million Net Tons ]

The American Iron and Steel Institute (AISI) reported that US domestic raw steel production reached 1.845 million net tons in the week ending September 26, 2026, representing a 3.4% week-on-week increase. The national mill capability utilization rate also improved to 80.5%, up from 77.9% the previous week. Adjusted year-to-date production reached 70.166 million net tons at an average utilization rate of 79.1%, holding a 5.3% volume advantage over the same period in 2025.

5 hours ago