Blast furnace maintenance increases, iron ore demand pulls back [SMM Imported Ore Daily Commentary]

Published: Jul 7, 2026 17:30

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Today, DCE iron ore futures trended weaker, with contract I2609 closing at 735.5 yuan/mt, down 0.47% from the previous trading day. Port spot prices fell by about 1-2 yuan/mt from the previous trading day. Trader quoting enthusiasm was moderate, steel mills mostly restocked on demand, and spot transaction volume was moderate so far.
Iron ore demand is expected to continue declining this week. According to SMM statistics, the hot metal impact from blast furnace maintenance during July 4-10 was 1.2637 million mt, up 77,800 mt WoW, and the impact volume next week is expected to increase by another 6.45 mt to 1.3282 million mt. In the short term, iron ore demand is expected to keep contracting, price support will gradually weaken, and overall ore prices may tend to fluctuate within a range with a bearish bias. [SMM Steel]

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