Firmer spot and lower freight narrow imported iron ore losses [SMM Iron Ore]

Published: Oct 01, 2026 10:27 (GMT+8)

Save

The average imported iron ore margin narrowed from -6.12 yuan/mt to -2.45 yuan/mt this period, helped by a modest recovery in spot prices, a stronger yuan and lower freight rates.

As of 30 September, SMM data showed the blast furnace operating rate across 242 mills at 88.57%, down 0.19 percentage point week on week, and the capacity utilisation rate at 88.15%, down 0.18 percentage point. Average daily hot metal output at sample mills fell 6,100 mt to 2.3882 million mt. On supply, arrivals are expected to rise this week, keeping inventories high and the market comfortable.

Fundamentals offer little visible support for prices. With the Chinese market heading into an eight-day National Day holiday and liquidity likely to thin, iron ore prices are likely to stay soft within a range in the near term, and imported margins are likely to remain slightly negative.

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

MMi Daily Iron Ore Index Prices for 1st October 2026

1 hour ago

3 hours ago

[SMM Steel] India domestic steel prices rise amid steady demand

[India Domestic] India’s domestic steel market strengthened with prices rising across several key markets amid steady demand. Steel prices are expected to rise by another USD 20/tonne (INR 2,000/tonne) in the coming week, driven by higher raw material costs and a pick-up in demand. Major primary steel producers have also raised rebar prices recently, according to market participants. Mandi HMS 1&2 (80:20) up 3 USD/tonne (300 INR/tonne) to 409 USD/tonne (39,400 INR/tonne) delivered Mandi. Mumbai HMS 1&2 (80:20) unchanged at 376 USD/tonne (36,500 INR/tonne) delivered Mumbai. Mandi ingot up 3 USD/tonne (300 INR/tonne) to 505 USD/tonne (48,600 INR/tonne) EXW Mandi. Rebar rose 4 USD/tonne (400 INR/tonne) to 543 USD/tonne (52,200 INR/tonne) EXW Raipur. Durgapur Billet flat at 471 USD/tonne (45,300 INR/tonne) delivered Durgapur. Sponge iron PDRI increased 3 USD/tonne (300 INR/tonne) to 310 USD/tonne (29,800 INR/tonne) EXW Raipur.

3 hours ago

Sep 30, 2026 16:38 (GMT+8)

[SMM Steel] India Domestic Steel Prices Mostly Stable

[India Domestic] India's domestic steel and scrap market remained largely stable with prices showing limited movement across key markets amid soft demand on Wednesday. Semi-finished steel and rebar prices were mostly unchanged as sales stayed weak. Melting scrap down 3 USD/tonne (300 INR/tonne) to 396 USD/tonne (38,000 INR/tonne) ex-yard Alang. Mandi ingot up 1 USD/tonne (100 INR/tonne) to 504 USD/tonne (48,300 INR/tonne) EXW Mandi from Tuesday’s morning but remained flat from last index. Rebar prices flat 540 USD/tonne (51,800 INR/tonne) EXW Raipur. Billet edged down 2 USD/tonne (200 INR/tonne) to 471 USD/tonne (45,200 INR/tonne) EXW Raipur. Durgapur Billet flat at 473 USD/tonne (45,300 INR/tonne) delivered Durgapur. Sponge iron PDRI unchanged at 324 USD/tonne (31,100 INR/tonne) EXW Bellary. Raipur PDRI also flat at 308 USD/tonne (29,500 INR/tonne) EXW Raipur. Market participants views on the near-term price outlook with some buyers expecting prices to correct further.

Sep 30, 2026 16:38 (GMT+8)