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

Published: Mar 24, 2026 16:55

Save

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.

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.

For any inquiries or for more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

10 hours ago

Steel Bidding Prices Drop by 200, Chrome Market Running in the Doldrums [SMM Analysis]

June 26, 2026 – The chromium market continued to decline this week, with the ample supply pattern unchanged and demand remaining weak.

10 hours ago

In the short term, ferrous commodities will continue to consolidate near the bottom [SMM Steel Industry Chain Weekly Report]

This week, ferrous metals fell continuously. During the week, there were many disturbances from unverified market rumors, but overall macro sentiment was weak, and expectations of rate hikes outside China continued to weigh on commodity sentiment. Earlier, rumors of a strike at BHP caused a slight rebound in iron ore; in the latter half of the week, Tangshan issued a notice on the "Tangshan Industrial Source Emission Reduction Plan for H2 2026," and combined with post-holiday inventory accumulation of the five major steel products, market sentiment was weak, and ferrous metals fell again. In the spot market, the off-season characteristics for end-users became more evident, market demand continued to weaken. While spot prices remained relatively firm, the spot-futures price spread widened somewhat, and positions in both futures and spot markets were unwound. Transactions were concluded at prices below market levels, further dragging down market prices......

10 hours ago

11 hours ago

6.26 SMM Global Steel Daily Report

[Flat Products] HRC Holds Steady While Other Flat Products Edge Lower on Exports Today HRC export prices held broadly steady while other flat-product export prices edged lower day on day, with HRC concluded at 491-500 USD/tonne. With the Strait of Hormuz situation fluctuating, fresh inquiries for HRC, heavy plate and other products emerged from that region this week, but sellers report actual deals remain limited. Separately, about 10000 tonnes of Q195 HRC for re-export was sold to Vietnam recently at 500-503 USD/tonne CFR.

11 hours ago