Resistance Released, Iron Ore Rose Sharply! [SMM Imported Ore Daily Brief]

Published: May 6, 2026 17:04

Save

On May 6, 2026, iron ore futures rose sharply today, with the most-traded contract I2609 closing at 816 yuan/mt, up 2.84% from the previous trading session. Port spot prices rose 10-18 yuan/mt from the previous day. Traders showed increased quoting activity, while steel mill purchases were mostly driven by rigid demand with few inquiries; overall spot transaction sentiment remained sluggish.

The latest SMM survey data showed that daily average pig iron production edged down by 9,800 mt to 2.4307 million mt; the blast furnace operating rate declined 0.19% to 89.61%. This indicated that overall rigid demand for iron ore, though slightly lower, remained at a high level.

Looking ahead, as previously constrained port inventory was released and well absorbed by the market, upward resistance on ore prices has eased amid continuously increasing destocking speed, and there is currently strong upward momentum. However, as raw material costs continue to climb and profits remain under pressure, steel mills may increase maintenance intensity going forward. Therefore, iron ore prices are expected to fluctuate upward in the short term, while medium and long-term trends still depend on the ability of steel mills to absorb supply.

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 to learn 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

25 mins ago

【SMM Steel】Taiwan's steel pipe mills rush shipments ahead of US trade ruling on OCTG

【SMM Steel】Taiwan's steel pipe makers are accelerating deliveries of existing orders to avoid potential AD duties. With preliminary determinations expected in September, mills aim to complete shipments by early June, accounting for a two-month Cape of Good Hope voyage. The US trade petition targets OCTG from Taiwan, UAE, and Austria. Rising oil prices spurred restocking, but the legal action paused new US purchases. Taiwanese mills face a standstill in new orders unless they absorb future tax costs, and are monitoring the situation before committing to further sales.

25 mins ago

37 mins ago

[SMM Chromium Daily Review] Weak Market Due to Insufficient Demand, Chromium Product Prices Decline

[SMM Chrome Daily Review: Weak Market Due to Insufficient Demand, Chrome Product Prices Decline] May 7, 2026: The ferrochrome and chrome ore market experienced slight fluctuations...

37 mins ago

51 mins ago

[SMM Analysis] JSW Steel’s Growth Paradox: Record Volumes, Weaker Margins

JSW Steel delivered record production and sales in FY2024-25, but weaker steel realizations dragged down revenue and margins, creating a clear growth paradox: higher volumes but lower earnings quality. As India’s largest steelmaker, JSW’s next challenge is to turn its scale into more resilient earnings through higher VASP contribution, stronger raw material security, selective overseas improvement, technology partnerships, and decarbonization readiness.

51 mins ago