Strong Industrial Data Support Stable Iron Ore Prices [SMM Daily Review on Imported Ore]

Published: May 28, 2026 17:04

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DCE iron ore futures were in the doldrums today, with the most-traded contract I2609 closing at 780.5 yuan/mt, edging down 0.06% from the previous trading session. Port spot prices fell 1-5 yuan from the previous day. Traders showed moderate enthusiasm in offering prices; steel mills inquired cautiously, with transactions mainly concluded at low prices; overall trading activity was lukewarm. The transaction price of PB fines at Shandong ports was 750 yuan/mt. The transaction price of PB fines at Caofeidian port was 756 yuan/mt, and that of Jimblebar fines was 725-730 yuan/mt.

According to today's industry data, total inventory of the five major steel products continued destocking, and although demand weakened somewhat, it remained resilient. Meanwhile, steel mill profits stayed stable, and hot metal production still had room to edge up. Combined with geopolitical impacts from the US-Iran conflict and the Russia-Ukraine conflict, short-term cost support persisted. Iron ore prices are expected to find bottom support in the near term and continue to move sideways.

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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