Iron Ore Fundamentals Held Steady, Likely to Trade in a Range Supported by Demand [SMM Imported Ore Daily Brief]

Published: May 22, 2026 16:53

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On May 22, 2026, DCE iron ore futures weakened today. The most-traded contract I2609 closed at 792 yuan/mt, down 0.13% from the previous trading session. Port spot prices were basically flat compared to the previous day. Traders showed moderate enthusiasm in offering quotes; steel mill purchases were mostly driven by rigid demand; overall spot market transactions were thin. As of May 22, total inventory at main ports nationwide reached 148.09 million mt, down 670,000 mt WoW; meanwhile, daily average port pick-up volume was 3.202 million mt, edging down 42,000 mt. Overall port data indicated that iron ore rigid demand was strongly supported by fundamentals, as daily average pig iron production remained at elevated levels. In addition, steel mill profits were currently favorable, and hot metal production is still expected to edge up going forward, with iron ore rigid demand providing bottom support for ore prices. Iron ore is expected to have limited downside room next week, likely to bottom out and then move sideways.

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