News-driven factors push iron ore prices slightly higher [SMM Iron Ore Daily Review]

Published: Sep 23, 2026 16:53 (GMT+8)

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Iron ore futures moved sideways today. The most-traded DCE I2701 contract closed at 712 yuan/mt, up slightly by 0.07% from the previous trading day. Spot prices rose 0-3 yuan/mt from yesterday, with traders holding quotes relatively firm. Steel mills purchased as needed, and spot market trading sentiment was sluggish.
According to an SMM survey, on September 23, the blast furnace operating rate across 242 steel mills tracked by SMM stood at 88.76%, down 0.17 percentage point MoM. Daily average hot metal production at sampled steel mills was 2.3943 million mt, down 4,800 mt MoM. Weighed by deepening losses at steel mills, production enthusiasm weakened, and overall hot metal output trended lower. SMM tracking shows that more steel mills are planning maintenance going forward, especially after entering October, when the decline in hot metal production may become more pronounced, reinforcing expectations of demand-side contraction. Iron ore fundamentals remain bearish; however, futures firmed slightly on market talk of reduced shipments from Brazil. With pre-holiday stockpiling winding down and iron ore port arrivals increasing, ore prices are expected to consolidate on a subdued note under pressure.

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