Maintenance Intensified, Iron Ore Lacked Upward Momentum and Ultimately Closed Up 0.26% [SMM Brief Commentary]]

Published: Mar 10, 2026 16:58

Save

DCE iron ore futures fell before rising, stabilizing in the afternoon session. The most-traded contract I2605 finally closed at 784 yuan/mt, up 0.26% from the previous session. Meanwhile, spot prices fell 2–5 yuan from the previous trading day. Traders showed average enthusiasm in quoting prices, and steel mills’ purchases were mainly for rigid demand. Overall, the spot market saw scant transactions.

According to SMM survey tracking, blast furnace maintenance intensity continued to increase this week, with the impacted volume up 102,100 mt WoW to 1.9892 million mt. Iron ore demand was currently at a relatively low level. As blast furnaces that underwent earlier maintenance resumed production in a concentrated manner, hot metal production was expected to rebound next week, and iron ore demand was likely to improve.

On the macro front, the war in the Middle East remained in a stalemate. Surging crude oil prices pushed up the ocean freight rate and the cost of imported iron ore, providing cost support for ore prices. However, due to limited actual transactions, upward momentum showed signs of weakening. Therefore, in the short term, ore prices might mainly see sideways movement within a range.

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.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

14 hours ago

[SMM Steel] AGSI launches new rebar mill in UAE, adds 600,000 mt capacity

[SMM Steel] Arabian Gulf Steel Industries has started a new rebar rolling mill (HRM 3) in UAE, adding 600,000 mt/year capacity and lifting total rolling capacity to 1.24 million mt. The mill is integrated with the meltshop, improving efficiency and supporting low-carbon production. In the short term, increased domestic supply is expected to enhance local availability and reduce reliance on imports, with limited exports depending on demand.

14 hours ago

[SMM Steel] Vietnam domestic demand offsets export weakness amid trade barriers

[SMM Steel] Vietnam steel consumption showed strong domestic growth in early 2026, with construction steel up 39% YoY and HRC surging 214% YoY, driven mainly by local demand . Meanwhile, exports declined, especially for coated steel (-45% YoY), due to increasing trade barriers in markets like the EU. In the short term, strong domestic demand is offsetting export weakness, supporting sales and prices, while coated steel segments remain under pressure.

14 hours ago

[SMM Steel] Marcegaglia to invest €1 billion in new French steel plant

[SMM Steel] Marcegaglia, in partnership with Danieli, plans to invest €1 billion in a new EAF-based steel plant in Fos-sur-Mer, France. The facility is designed to produce >2 million mt of steel and up to 3 million mt of HRC annually. In the short term, the project signals future supply expansion and a shift toward low-carbon steel, though no immediate market impact is expected before final approval.

14 hours ago