Renewed Tariff War Sparks Sluggish Trading in Iron Ore Spot Market [SMM Brief Commentary]

Published: Oct 11, 2025 17:36

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Without futures guidance today, but iron ore prices rose slightly during Friday's night session. Spot prices edged up by 3-5 yuan today. Traders sold goods following market trends; steel mills showed limited inquiry, mainly adopting a wait-and-see approach. Trading activity remained sluggish. In Shandong, mainstream transaction prices for old PB fines were around 793 yuan/mt, up 4 yuan/mt from yesterday; in Tangshan, transaction prices for PB fines were 800-803 yuan/mt, up 3-5 yuan/mt from the previous day.

U.S.-China trade tensions resurfaced, increasing concerns in the spot market, but negotiations continue, making it difficult to determine short-term market direction, requiring further observation. From the fundamental perspective of iron ore, although hot metal output weakened slightly in the short term, it remained at high levels, supporting robust overall demand for iron ore. Coupled with relatively low inventory pressure, a sharp decline in iron ore prices is unlikely. Considering the impact of news, ore prices may fluctuate repeatedly in the short term.

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