[SMM Daily Iron Ore Brief] Heavier maintenance curbs iron ore demand, but sentiment keeps prices firm

Published: Sep 8, 2026 18:33

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Iron ore futures traded firmer on Tuesday. The DCE most-traded I2701 contract settled at 744.5 yuan/mt, up 1.36% from the previous session. Qingdao port spot prices rose by an average of 6-7 yuan/mt, with traders showing only moderate enthusiasm in offering and mills largely holding to the sidelines. Overall spot trading activity was subdued.

Sustained gains in raw material prices have lifted production costs at steel mills and kept margins under pressure, prompting those with heavier losses to step up maintenance and trimming rigid demand for iron ore. SMM survey data showed hot metal output lost to blast furnace maintenance came to 1.3834 million mt this week, up 23,600 mt from the previous week.

On the supply side, however, tight vessel availability and higher diesel costs have kept international dry bulk freight rates climbing, lending cost support to iron ore prices. Coupled with strong market expectations for the traditional peak season in September and October, funds have pushed futures higher. Iron ore prices may therefore decouple from fundamentals for a time, holding a firm tone on sentiment in the near term.[SMM Steel]

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