Concentrate and Lump Ore Remain Strong, Iron Ore Fundamentals Remain Unchanged [SMM Iron Ore Daily Review]

Published: Aug 13, 2026 17:00

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Iron ore futures trended lower today. The most-traded DCE contract I2701 closed at 705 yuan/mt, down 0.21% from the previous trading session. Spot prices at Qingdao Port were basically flat compared with the previous trading day. Traders mostly followed prevailing market conditions, steel mills purchased as needed, and overall spot volumes so far have been moderate.

SMM ten-port inventory survey data for this period show total inventory reached 106.95 million mt, a slight MoM increase of 360,000 mt; concentrate and lump ore continued destocking, while fine ore and pellets showed a slight inventory buildup. Iron ore concentrate prices currently remain firm; after pulling back in the previous period, prices have risen again. In contrast, fine ore prices remained stable due to relatively high inventories and relatively small demand fluctuations. Macro sentiment side, most market participants are currently wary of news-driven risks ahead and therefore prefer to take a wait-and-see approach. In the short term, from a fundamental perspective, iron ore prices are expected to move sideways in a narrow range, with limited upside and downside.

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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