[SMM Daily Iron Ore Brief] Coke costs push mills into maintenance, weakening iron ore demand

Published: Sep 14, 2026 16:42

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Iron ore futures were weak today. The DCE most-traded I2701 contract settled at 708.5 yuan/mt, down 1.60% from the previous session. Qingdao port spot prices fell 0-5 yuan/mt on average. Traders were moderately active and mills bought to cover immediate needs, with many staying on the sidelines. Spot trading was thin.

Coke prices remain high and some mills have entered maintenance on tight coke supply, weakening rigid demand for iron ore. On supply, SMM data showed port inventories holding a pattern of high stocks with limited draws and limited builds, little changed from the previous week. SMM put global iron ore shipments at 37.41 million mt, up 9% week on week and flat on a cumulative year-on-year basis. Shipments from Australia and non-mainstream origins rose, while Brazil edged lower. Arrivals at Chinese ports came to 26.91 million mt last week, steady week on week and up 4.2% year to date.

With demand contracting and supply holding, iron ore prices are likely to stay weak in the near term.

[SMM Steel]

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