Impact from Maintenance Decline Fails to Halt Continued Drop in Iron Ore Prices [SMM Brief Review]

Published: Feb 3, 2026 17:27

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Today, iron ore futures continued to trade in the doldrums. The most-traded contract I2605 closed at 777.5 yuan/mt, down 1.14% from the previous trading day. Spot prices fell by 2–5 yuan/mt cumulatively from the previous session. Most traders sold at market prices, while steel mills adopted a wait-and-see stance, resulting in low inquiry activity and an overall sluggish trading atmosphere.

According to the latest SMM statistics, as of January 30, the total iron ore inventory at 35 main ports nationwide climbed to a high of 153 million mt, accumulating significantly by 2.77 million mt WoW, indicating continued rising pressure on visible port inventory. Meanwhile, the daily average port pick-up volume recorded 2.43 million mt, which, although rebounding slightly by 18,000 mt WoW, showed limited overall growth.
Looking ahead, supply side, affected by the delayed transmission of previous overseas shipment surges, port arrivals are expected to maintain an upward trend, with supply-side pressure showing no signs of easing.

Amid continuous delivery of arriving resources and weakening marginal demand, the accumulation trend in port iron ore inventory is unlikely to reverse. The supply-demand structure is expected to face further pressure, and iron ore prices are projected to continue trading in the doldrums in the short term.

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