Coke price hike takes effect! Iron ore closed down 0.91% [SMM Daily Review on Imported Ore]

Published: Jun 5, 2026 17:21

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Today, the Dalian iron ore futures trend was weak. The most-traded I2609 contract closed at 766 yuan/mt, down 0.91% from the previous session. Port spot prices fell 1-5 yuan/mt from the previous day. Traders showed little quoting enthusiasm; steel mills restocked mostly for rigid demand with limited inquiries; spot transactions have been thin so far.
Currently, steel mills' procurement pace has begun to slow down. SMM's latest data shows that the daily average port pick-up volume at 35 main ports nationwide edged down by 37,000 mt to 3.2 million mt, showing signs of peaking and pulling back from the high in May. Over the same period, inventory at main ports stood at 148.39 million mt, up 440,000 mt MoM, marking the first increase since end-March. Meanwhile, the fifth round of coke price increase was implemented today, while expectations for the sixth round still exist. Squeezed steel mill profits may force ore prices to soften. Therefore, on balance, iron ore prices are struggling to rise in the near term, and the trend may be primarily in the doldrums.

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