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

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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.

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