On May 21, 2026, Dalian iron ore futures weakened today. The most-traded contract I2609 closed at 789.5 yuan/mt, down 1.07% from the previous trading session. Port spot prices fell 4-8 yuan from the previous day. Traders showed moderate enthusiasm in offering prices; steel mill purchases were mostly driven by rigid demand; overall spot market transactions were thin.
Currently, fundamentals remained relatively stable, with rigid demand for iron ore holding at high levels. According to SMM statistics, total inventories of ten ports stood at 109.87 million mt, down 1 million mt WoW. Among them, PB lumps and Jimblebar fines showed a good destocking trend, while Mac and Newman super special fines continued inventory buildup. On the macro front, as US Treasury yields rose, the market was generally pessimistic about expectations for US Fed interest rate cuts, creating resistance for ore prices. In the short term, ore prices may remain in the doldrums under the influence of macro factors.
