[SMM Iron Ore] Weak demand leaves iron ore without upside drivers

Published: Sep 17, 2026 17:04

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Iron ore futures were weaker today. The DCE most-traded I2701 contract settled at 710.5 yuan/mt, up 0.28% from the previous session. Qingdao port spot prices were broadly flat. Traders were active in offering while mills stayed on the sidelines. Spot trading was thin.

End-use demand remains weak. Mill margins have deteriorated and pig iron output has yet to recover, leaving iron ore prices without upside drivers. The Federal Reserve rate decision came within market expectations but still weighs on the scope for gains. The market remains caught between bulls and bears, with no turning point in sight. Iron ore prices are likely to stay in a narrow range with a weaker bias in the near term.

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