[SMM Iron Ore] Maintenance losses climb to 1.9 million mt as lower freight erodes cost support

Published: Oct 13, 2026 17:15 (GMT+8)

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DCE iron ore futures were weaker today. The most-traded I2701 contract settled at 677 yuan/mt, down 1.1% from the previous session. Qingdao port spot prices fell about 3 yuan/mt on average. Traders were reluctant to offer and some held back from quoting altogether. Mill enquiries were reasonable but overall trading was limited.

Demand continued to weigh on iron ore prices this week. SMM data showed hot metal output lost to blast furnace maintenance at 1.9011 million mt, up 78,600 mt week on week. That marks a third consecutive weekly increase, taking the cumulative rise since the end of September to more than 270,000 mt. Freight rates have also entered a downward trend, weakening cost support for iron ore. Prices are likely to stay soft in the near term.

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