Pig Iron Production Stayed High, Iron Ore Prices Expected to Hover at Highs [SMM Imported Ore Daily Brief]

Published: May 13, 2026 16:45

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On May 13, 2026, iron ore futures fluctuated upward today, with the most-traded contract I2609 closing at 820 yuan/mt, up 0.31% from the previous trading session. Port spot prices rose 3-5 yuan from the previous day. Traders showed low enthusiasm in offering; steel mills made few inquiries, with purchases mostly driven by rigid demand; overall spot cargo transactions were sluggish.

Fundamentals side, iron ore demand stayed high this week, providing strong price support for iron ore. The latest SMM survey data showed that daily average pig iron production at sample steel mills was 2.4268 million mt this week, down 3,900 mt WoW, with blast furnace capacity utilization rate at 89.57%, down 0.15% WoW. Next week, as some steel mills complete maintenance, daily average pig iron production is expected to rise. News side, the market is currently in a vacuum period, warming up for the US president's visit to China, with most capital taking a wait-and-see stance. In the short term, iron ore prices are likely to fluctuate at highs.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

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