Demand Improved, Iron Ore Prices Rose Slightly [SMM Brief Review]

Published: Mar 24, 2026 16:55

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Dalian iron ore futures rose in early trading and pulled back in the afternoon. The most-traded contract, I2605, finally closed at 824 yuan/mt, up 0.55% from the previous trading session.
Spot prices rose by about 2-5 yuan from the previous trading day. Traders were relatively active in offering quotes, while steel mills made fewer inquiries and purchased cautiously, with overall transactions in the spot market remaining average.

In terms of fundamental data, blast furnace maintenance intensity continued to pull back this week, with maintenance affecting hot metal production by 1.65 million mt, down 206,500 mt WoW. It was expected to decrease by a further 180,000 mt next week to 1.4684 million mt, indicating a gradual improvement on the demand side.

In terms of supply, tight supply still persisted in the market, and there was no news of any significant adjustment, which remained supportive for iron ore in the short term. However, some funds, out of concern over downstream risks, tended to stay on the sidelines, and overall wait-and-see sentiment was strong. In summary, iron ore prices were expected to hover at highs in the short term.

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