Inventory remains high, demand growth slows down, and iron ore prices trend steadily [SMM Brief Review]

Published: Feb 26, 2026 18:22

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Today, iron ore futures were in the doldrums, with the most-traded contract I2605 ultimately settling at 748.5 yuan/mt, unchanged from the previous trading session. Spot prices fell by 2-4 yuan/mt compared to the previous trading day. Traders showed moderate enthusiasm in offering prices, while steel mills had limited inquiries, resulting in a subdued spot trading atmosphere.

The latest SMM data revealed that total inventories at ten key ports reached 118.87 million mt, up 1.80% WoW from the pre-holiday level. Overall supply remains relatively loose, with port inventories at high levels and the inventory buildup trend yet to show a clear turning point. On the demand side, daily average hot metal production continued to grow steadily, but given strong market expectations for environmental protection-driven production restrictions during the Two Sessions, iron ore's upside room is relatively limited. In summary, iron ore prices are currently more likely to fall than rise, and in the short term, prices may fluctuate rangebound.

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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