Port cargo pick-up continues to decline, weakening support for iron ore prices [SMM Imported Ore Daily Brief]

Published: Jul 10, 2026 17:30

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Today, DCE iron ore futures trended weak. Contract I2609 closed at 751.5 yuan/mt, up 0.87% from the previous trading day. Port spot prices rose by 2–5 yuan/mt from the previous trading day. Trader activity was average, steel mills mostly purchased for essential restocking, and as of now spot transaction volumes were moderate.

SMM’s latest statistics show that total iron ore inventory at 35 main ports nationwide was 147.16 million mt, down 1.14 million mt MoM. Over the same period, daily average port pick-up volume edged down by 23,000 mt to 3.275 million mt. This week, affected by typhoon and persistent rainy weather, port operations were hindered, vessel berthing and unloading efficiency dropped significantly, and port congestion intensified. Demand side, as hot metal production of steel mill blast furnaces continued to decline, daily average port pick-up volume pulled back slightly. As steel mill blast furnace maintenance increases, hot metal production is expected to decline further. Therefore, from a fundamental perspective, support for short-term iron ore prices is expected to continue weakening. [SMM Steel]

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