[SMM Iron Ore] Lower C5 freight trims landed costs, narrowing imported iron ore losses

Published: Sep 18, 2026 09:46 (GMT+8)

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The average imported iron ore margin narrowed from -3.97 yuan/mt to -2.87 yuan/mt this period, helped by lower C5 route freight rates and correspondingly lower landed costs for Australian material.

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, and imported margins are likely to remain slightly negative.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

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