China Imported iron ore margins turn negative on higher freight, softer spot [SMM Iron Ore]

Published: Sep 11, 2026 10:32

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The average imported iron ore margin narrowed from 4.02 yuan/mt to -1.90 yuan/mt this period. Higher freight costs lifted landed costs, while spot prices edged lower.

Port stocks at major iron ore terminals continued to draw down modestly. Demand held steady. Mainstream mills are progressively accepting a fifth round of coke price increases, squeezing mill cash flow and weighing on iron ore in the near term. Crude oil prices have continued to climb, and the market expects freight rates to follow, lifting landed import costs and supporting the downside for iron ore prices.

Iron ore prices are likely to trade within a range in the near term. Imported margins, squeezed by firmer seaborne premiums and rising freight, are likely to weaken further.

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