【Flash | Peru’s Molybdenum Export Volumes Jump 75.3% YoY in July】

Since late July 2026, the two-way disruption to the Black Sea steel supply chain has triggered a chain reaction in global markets; the key factor behind the disruption to trade flows lies not only in the loss of production capacity, but also in the fact that soaring freight costs and war-risk premiums have completely eroded the arbitrage opportunities. This disruption has led to a fundamental reorganisation of global trade flows in semi-finished steel products.

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.

The domestic ore market in eastern Liaoning is generally stable, with traders rarely making inquiries for goods. Mining and processing operations remain at low levels, and holders are reluctant to sell below their psychological expectations. Supply-demand trading is cautious and need-based. End-use demand has yet to show significant improvement, and steel mills lack the motivation to resume or ramp up production. Iron ore demand remains weak with little room for improvement, compounded by expectations of a downward adjustment in mid-month settlement prices by leading steel enterprises.