Spot Price Edges Up, Spot Iron Ore Transactions Sluggish [SMM Iron Ore Daily Review]

Published: Aug 4, 2026 18:00

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Today, iron ore futures trend was sluggish. The most-traded DCE I2609 contract closed at 699.5 yuan/mt, down 0.43% from the previous trading session. Spot iron ore prices at Qingdao Port rose by 4–9 yuan/mt from the previous trading day. Traders were actively offering, while steel mills’ procurement was mainly need-based, and overall spot trading was moderate.
Fundamental side, iron ore demand saw a slight short-term recovery. According to SMM statistics, this week (Aug 1 – Aug 7), the hot metal impact from blast furnace maintenance was 1.3736 million mt, down 112,200 mt WoW. Next week (Aug 8 – Aug 14), the hot metal impact from blast furnace maintenance is expected to be 1.4252 million mt, up 51,600 mt WoW. Against the narrative of recovering demand, support for iron ore prices strengthened. Short-term iron ore prices may primarily move sideways.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

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