Sluggish Trading as Holiday Approaches, Iron Ore Prices in the Doldrums [SMM Daily Brief on Imported Ore]

Published: Jun 18, 2026 16:54

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The most-traded iron ore contract was in the doldrums today. The most-traded I2609 contract closed at 747 yuan/mt, down 1.13%. Port spot prices fell in tandem, dropping 10-15 yuan/mt from the previous day. Traders showed moderate selling interest; steel mills remained cautious, purchasing as needed with weak restocking willingness. Overall market trading was sluggish, with scarce transactions.

As the holiday approached, market trading turned mediocre. Spot and futures prices moved sideways. Looking ahead to next week, as hot metal production peaks and pulls back, iron ore demand expectations are likely to weaken; meanwhile, falling ocean freight rates eroded cost support. In the near term, iron ore prices are expected to remain in the doldrums.

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