Impact from Maintenance Rises to 1.9 Million mt, Lower Freight Weakens Cost Support [SMM Iron Ore Daily Review]

Published: Oct 13, 2026 17:15 (GMT+8)

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DCE iron ore futures trended weak today, with the most-traded I2701 contract closing at 677 yuan/mt, down 1.1% from the previous trading day. Spot prices at Qingdao Port fell by an average of about 3 yuan/mt. Trader offering interest was low, with some withholding cargoes, while steel mill inquiries were moderate, but overall market transactions were limited.

This week, the demand side continued to weigh on iron ore prices. According to SMM statistics, the hot metal impact from blast furnace maintenance this week was 1.9011 million mt, up 78,600 mt WoW, expanding for three consecutive weeks and cumulatively up more than 270,000 mt from end-September. In addition, freight rates entered a downward trajectory, weakening cost support for iron ore prices. Overall, ore prices may remain in the doldrums in the short term. [SMM Steel]

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