Supply-demand performance remains within expectations, and iron ore prices will mainly fluctuate in the short term [SMM Imported Ore Daily Review]

Published: Jul 3, 2026 17:27

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DCE iron ore futures trended weaker today, with the I2609 contract closing at 734 yuan/mt, down 1.74% from the previous trading day. Port spot prices fell by 3–8 yuan/mt compared to the previous trading day. Trader activity was moderate, and steel mill purchases were mostly for restocking. As of now, spot trading volume was moderate.
According to an SMM survey, total iron ore inventory across 35 main ports nationwide stood at 148.3 million mt this week, down 360,000 mt WoW, indicating a slight overall destocking. Over the same period, the daily average port pick-up volume edged up 68,000 mt to 3.298 million mt, reflecting relatively healthy short-term demand. Next week, port arrivals are expected to continue increasing, leading to a more ample supply, while port pick-up volume may pull back as hot metal production gradually declines. Iron ore price support has weakened, but short-term prices are likely to fluctuate within a range amid supply-demand conditions in line with market expectations. [SMM Steel]

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