[SMM Imported Ore Daily Brief] Blast Furnace Impact from Maintenance Increased, Iron Ore Prices Edged Down

On May 12, 2026, iron ore futures were in the doldrums, with the most-traded contract I2609 closing at 812.5 yuan/mt, down 0.98% from the previous trading session. Port spot prices fell 5-7 yuan from the previous trading day. Traders were relatively active in quoting; steel mills restocked on an as-needed basis; overall spot transactions were limited. Affected by fluctuations in the coking coal market, ferrous metals futures prices declined across the board today.

Fundamentals side, according to SMM survey results, the hot metal impact from blast furnace maintenance was 1.4075 million mt this week, up 25,000 mt WoW. The hot metal impact from blast furnace maintenance next week is expected to be 1.4045 million mt, down 3,000 mt WoW.

Iron ore demand weakened slightly this week, but no clear trend has formed yet overall. Even though steel mills were generally reluctant to purchase high-priced ore, robust end-use demand supported steel mill blast furnace operating rates and rigid demand for iron ore. Therefore, iron ore prices are expected to remain stable on the downside in the short term, and prices are expected to fluctuate at highs.