US-Iran ceasefire? Iron ore prices show a muted reaction [SMM Iron Ore Daily Brief]

Published: Jul 27, 2026 17:32

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Today, iron ore futures saw relatively small fluctuations. The most-traded DCE contract I2609 closed at 741 yuan/mt, down 0.27%. Spot prices at Qingdao Port were basically flat compared with the previous trading day. In the morning, traders quoted prices actively, while steel mills purchased as needed, resulting in a moderate overall spot trading sentiment.
Recently, the supply side has grown. According to SMM statistics, total global iron ore shipments were 27.82 million mt, down 10% MoM; cumulative shipments were up 1% YoY. Among them, shipments from Australia and Brazil both edged down; shipments from non-mainstream countries also slipped MoM, but those from India and Peru rebounded markedly. Meanwhile, China's total iron ore arrival volume was 30.32 million mt, surging 54% MoM, with cumulative arrivals up 5% YoY. Part of the growth was driven by the unloading of vessels previously delayed by typhoons. On the demand side, blast furnace pig iron production continued to trend lower steadily amid the off-season. On the sentiment front, the U.S.-Iran engagement in ceasefire talks caused oil prices to fall, but the iron ore market remained largely unaffected. Overall, iron ore prices may continue to consolidate in the near term. [SMM Steel]

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