[SMM Iron Ore] Coke price cuts fail to lift iron ore buying as prices stay low

Published: Oct 12, 2026 17:25 (GMT+8)

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DCE iron ore futures were quiet today with limited movement. The most-traded I2701 contract settled at 683 yuan/mt, down 0.07% from the previous session. Qingdao port spot prices fell 0-2 yuan/mt on average. Traders were less active and mills bought to cover immediate needs, with few enquiries. Market trading was thin.

On fundamentals, supply has eased slightly but the market remains comfortably supplied. With more blast furnace maintenance reported after the holiday, the market is broadly pessimistic on near-term iron ore demand, buying appetite is weak and prices have held at low levels. Notably, while the first round of coke price cuts has improved mill margins, it has yet to translate into additional iron ore buying given soft end-use demand. Iron ore demand is likely to stay low in the near term, leaving prices rangebound at low levels.

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