Pig Iron Production Remained Stable at High Levels, Iron Ore Decline Slowed Down [SMM Imported Ore Daily Brief]

Published: May 20, 2026 16:59

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On May 20, 2026, DCE iron ore futures saw intense trading. The most-traded contract I2609 closed at 800 yuan/mt, up 0.19% from the previous trading session. Port spot prices were basically flat compared to the previous day. Traders showed moderate quoting activity; steel mills restocked on demand with few inquiries; overall spot market transactions were limited.

On the demand side, the capacity utilization rate of blast furnaces at 242 steel mills surveyed by SMM reached 89.53%, down 0.04 percentage points WoW. Daily average hot metal production at sample steel mills was 2.4258 million mt, down 1,000 mt WoW. Overall hot metal production remained at a high level, driving strong price support from rigid demand for iron ore.

Currently, after fluctuations driven by macro news in previous days, iron ore's downward momentum has eased as rigid demand from hot metal persists. In the short term, prices are expected to fluctuate within a range, maintaining at a relatively high level, until new developments enter the market.

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