[SMM Iron Ore] Softer spot narrows imported iron ore margins to 8.40 yuan/mt as freight cushions the fall

Published: Oct 14, 2026 10:24 (GMT+8)

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The average imported iron ore margin narrowed from 9.60 yuan/mt to 8.40 yuan/mt this period, dragged down by falling port spot prices.

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.

Iron ore prices are likely to stay soft in the near term. With freight easing in step and pulling landed costs lower, imported margins should hold a small profit even as prices fall.

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