Pig iron production growth and supply contraction expectations jointly push up iron ore futures prices [SMM Imported Ore Daily Review]

Published: Jun 10, 2026 18:05

Save

DCE iron ore prices strengthened slightly in early trading and rallied at the close today. The most-traded contract I2609 eventually settled at 771.5 yuan/mt, up 1.51% from the previous trading day. Port spot prices rose 5–10 yuan/mt from the day before. Most traders followed market trends, with activity generally moderate; steel mills maintained a strong wait-and-see stance with few inquiries. As of now, spot transaction volumes have been light.

Demand side, iron ore demand grew significantly this week. According to SMM’s latest data, the operating rate of surveyed mills rose 0.59% WoW this week to 90.47%, while daily average hot metal output was 2.4597 million mt, up 29,500 mt WoW. Sentiment side, as China’s coal mines gradually resume production, the marginal disruptions from coal and coke are gradually easing, reducing the downward pressure on iron ore prices. Furthermore, market rumors continue to ferment, and expectations of supply contraction are beginning to intensify, providing a floor for iron ore prices. In the near term, iron ore prices are expected to fluctuate after a brief recovery.

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

9 hours ago

[SMM HRC Arrivals] Arrivals Declined Narrowly WoW This Period

9 hours ago

10 hours ago

[SMM Zhangjiagang HRC Inventory: Zhangjiagang Inventory Narrows Slightly This Week]

This week, Zhangjiagang HRC inventory stood at 277,000 mt, down 1,000 mt WoW, a decline of 0.36%; and up 13.06% YoY.

10 hours ago

[Ministry of Industry and Trade Opens Anti-Dumping Investigation on Chinese Steel Products]

Vietnam's Ministry of Industry and Trade has initiated an anti-dumping investigation into certain prestressed steel bar products imported from China under case code AD24. The investigation covers products classified under HS codes 7227.20.00, 7228.20.11, 7228.20.19, and 7229.20.00, with the dumping investigation period set from July 1, 2025, to June 30, 2026, and the injury assessment period from July 1, 2022, to June 30, 2026. The investigation was launched following a petition submitted by Hoa Phat Prestressed Steel Company Limited and Viet Nhat Prestressed Steel Joint Stock Company, which estimated a preliminary dumping margin of 23.06%. Following the initiation, the Ministry will issue questionnaires to relevant foreign manufacturers, exporters, and Chinese representative missions in Vietnam to collect information for the investigation.

10 hours ago