Demand Remains Sluggish, Iron Fundamentals Continue to Be Bearish [SMM Imported Ore Daily Review]

Published: Jul 8, 2026 17:30

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The DCE iron ore futures moved weakly today, with contract I2609 closing at 746 yuan/mt, up 0.88% from the previous trading day. Port spot prices rose about 5-7 yuan/mt from the previous trading day. Trader activity was mediocre; steel mills purchased as needed. As of now, spot trading sentiment was lackluster.

The latest SMM survey data further confirmed the weakening trend in iron ore demand. According to statistics, the national blast furnace operating rate fell to 89.78%, and daily average pig iron production dropped to 2.4406 million mt, down 15,400 mt MoM. Furthermore, affected by the commemorative activities in Tangshan, local environmental protection-related maintenance intensity is expected to increase, and the weakening momentum of hot metal is expected to have room to intensify. In the short term, the bearish fundamentals are worsening, but considering the currently high proportion of short positions in the futures market, selling pressure is nearly exhausted and the downward momentum on prices has begun to weaken. Short-term iron ore prices may move sideways. Subsequently, watch for short covering to drive a price rebound [SMM Steel]

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