[SMM Iron Ore] Firmer spot lifts import margins as stock builds weigh on prices

Published: Oct 12, 2026 13:46 (GMT+8)

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The average imported iron ore margin rose from 14.22 yuan/mt to 15.37 yuan/mt this period, supported by higher port spot prices.

On fundamentals, blast furnace maintenance continued to increase after the holiday. Some mills are expected to restock, but overall iron ore demand remains weak. Supply continues to rise and port inventories are building, weighing on prices. Watch the pace of decline in hot metal output ahead, and news flow around long-term contract negotiations. Imported margins are likely to hold a small profit in the near term.

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