Coke prices surge, iron ore demand recovery remains weak [SMM Iron Ore Daily Review]

Published: Sep 01, 2026 17:08 (GMT+8)

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Iron ore futures consolidated on a strong note today. The most-traded DCE I2701 contract closed at 726.5 yuan/mt, up 0.14% from the previous trading day. Spot prices at Qingdao Port were basically flat, with steel mills mostly purchasing as needed and traders showing moderate quoting enthusiasm, largely following market trends. Overall spot trading activity was weak.

From a fundamental perspective, supply side, port arrivals of iron ore fell by about 26% WoW recently due to typhoon disruptions, providing some short-term support for ore prices. Demand side, an SMM survey shows daily average hot metal production in September is expected to edge up by 23,000 mt MoM. However, given that rising coke prices have been squeezing steel mill profits, some blast furnaces originally scheduled to resume production may extend maintenance. Overall, iron ore demand growth is expected to be mild, with peak-season characteristics not yet evident. As such, iron ore prices may consolidate on a strong note in the short term. [SMM Steel]

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