[SMM Iron Ore] Sharp spot declines push imported iron ore margins into loss

Published: Sep 29, 2026 09:30 (GMT+8)

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The average imported iron ore margin fell from 1.36 yuan/mt to -5.08 yuan/mt this period, dragged down by a sharp decline in spot prices.

Iron ore supply was broadly steady on the week. SMM data put arrivals at Chinese ports at 29.46 million mt, down 6% week on week and up 4.9% year to date. Global shipments totalled 35.51 million mt, up 3% week on week and flat on a cumulative year-on-year basis.

On demand, mill losses have yet to improve and most mills are holding output at recent levels. Restocking demand has largely run its course, weakening price support.

Iron ore prices lack support in the near term and are likely to stay soft. Imported margins are likely to track spot prices and freight rates, remaining negative in the near term.

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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