Wait-and-see Sentiment Prevails, Iron Ore Prices Move Sideways [SMM Iron Ore Daily Review]

Published: Oct 09, 2026 17:18 (GMT+8)

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Iron ore futures prices extended their decline today, with the most-traded DCE contract I2701 closing at 682.5 yuan/mt, down 1.16% from the previous trading day. In the spot market, traders sold at prevailing prices, while steel mills mostly stayed on the sidelines with limited buying interest. Overall spot transactions were moderate today, and spot prices remained basically stable from yesterday. The market was relatively quiet after the holiday, and after yesterday's sharp drop, wait-and-see sentiment intensified. Given that iron ore valuations are low under current fundamentals, downside resistance is increasing in the short term, and prices may consolidate weakly in a narrow range. Going forward, attention should be paid to steel mill profit recovery after coke prices fall; if hot metal production stops declining and rebounds, it may provide support for ore prices.

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