Impact from maintenance continues to expand; coke price cut rumors unlikely to change the weak pattern [SMM Iron Ore Daily Review]

Published: Sep 29, 2026 17:09 (GMT+8)

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Iron ore futures trended weaker today. The most-traded DCE contract I2701 closed at 699 yuan/mt, down 0.78% from the previous trading day. In the spot market, traders showed low quoting enthusiasm, and steel mills mostly stayed on the sidelines. Overall spot trading was sluggish, with spot prices at Qingdao Port down about 0-3 yuan/mt.

Fundamentals side, iron ore demand remains in a weak pattern. According to SMM statistics, this week (September 26 to October 2), the hot metal impact from blast furnace maintenance reached 1.6288 million mt, up 35,800 mt WoW. Next week (October 3 to October 9), the impact is expected to rise further to 1.6839 million mt, up 55,100 mt WoW. On the news front, market rumors suggest coke will see its first round of price cuts, expected to take effect in early October. This would ease cost pressure on steel mills, potentially loosening the factors that have been suppressing iron ore purchases. However, given the current lack of bullish factors for iron ore, ore prices may continue to consolidate on a subdued note in the short term. [SMM Steel]

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