Negotiations Made Progress; Middle East Situation Remained Volatile, Iron Ore Prices Under Further Pressure [SMM Imported Ore Daily Brief]

Published: Apr 9, 2026 17:30

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DCE iron ore futures showed an overall weak trend today. The most-traded contract I2609 ultimately closed at 750 yuan/mt, down 2.53% from the previous trading session. Spot prices fell 7-12 yuan/mt from the previous trading day. Traders showed moderate enthusiasm in quoting, steel mills restocked on an as-needed basis, and inquiries were few; as of now, spot market transactions remained thin.

On fundamentals, SMM's 10-port inventory sample survey data showed that inventory levels reached 115.94 million mt, down 3.37 million mt WoW. As profits were under pressure, steel mills generally prioritized the cost-effectiveness of raw materials. High-premium varieties saw a significant inventory buildup, while high-inventory varieties saw notable inventory declines. As a result, trading volume continued to be sluggish, putting prices under pressure.

News side, reports emerged of major progress in negotiations, further fueling market expectations of a looser future supply landscape, creating notable resistance for ore prices. Meanwhile, the Strait of Hormuz was reopened and then closed again, reigniting expectations of a prolonged Middle East situation. Therefore, iron ore prices are likely to exhibit a weak trend 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.

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