Port stocks build 2.85 million mt as dispatch slips, keeping iron ore soft [SMM Daily Iron Ore Brief]

Published: Oct 16, 2026 17:16 (GMT+8)

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[SMM Daily Iron Ore Brief]

Iron ore futures were steady today. The DCE most-traded I2701 contract settled at 672.5 yuan/mt, up 0.07% from the previous session. Qingdao port spot prices rose 2 yuan/mt on average. Traders were reasonably active in offering and mills restocked mainly to cover immediate needs. Trading was thin.

Weekly stock data shows signs of weakening spot demand, while a recovery in hot metal output has yet to be confirmed. SMM data showed stocks across 35 major Chinese ports at 148.30 million mt as of 16 October, up 2.85 million mt week on week. Average daily port outbound volume fell 50,000 mt to 3.185 million mt. Mills are running at clear losses and buying on an as-needed basis, with little appetite to restock. Supply remains comfortable and port inventories are likely to keep building. Absent any surprises, iron ore prices are likely to stay soft in a narrow range. [SMM Iron Ore]

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