Today, the iron ore market displayed a mixed sentiment, with futures prices fluctuating and spot prices showing minor adjustments. According to the Metals Market Index (MMI), the DCE main contract I2609 closed at 713.5 yuan/ton on August 10, 2026, down 0.35% from the previous trading session. Spot prices at Qingdao Port also saw a slight decline, with an average decrease of 0–2 yuan/ton. Despite the subdued trading activity, merchants reported that the market reaction remained relatively muted. According to SMM statistics, global iron ore shipments held steady at 32.24 million tonnes last week, with iron ore arrivals at Chinese ports decreasing by 2% month-on-month to 29.68 million tonnes. The strike at Port Hedland, involving approximately 150 workers, continues to progress but has had limited impact on iron ore supply. The market’s short-term reaction has been relatively calm, with the strike’s effect remaining limited.
Iron Ore Futures and Spot Prices
On August 11, 2026, the iron ore market showed a different trend, with futures prices gaining strength. The DCE main contract I2609 closed at 721.5 yuan/ton, up 1.26% from the previous trading session. Spot prices at Qingdao Port increased by an average of 3-6 yuan/ton. Traders were generally active, and steel mills purchased according to their needs, resulting in moderate spot trading volumes. According to SMM, the hot metal impact volume from blast furnace maintenance this week is 1.4057 million tons, down 34,400 tons from last week. Next week, the hot metal impact volume is expected to be 1.3498 million tons, a further decrease of 55,900 tons. Additionally, coke and coking coal futures performed strongly, boosting market sentiment toward the ferrous metals complex.
Steel Mills and Market Sentiment
Steel mills remained cautious, preferring to wait and see. Market sentiment towards the ferrous metals complex has turned optimistic, driven by strong performance in coke and coking coal futures. Traders were generally active in quoting prices, reflecting the underlying market conditions. The short-term changes in the fundamental supply-demand balance of iron ore are relatively small, but there is an expectation of a modest uptick in demand.
What this means for operators
The mixed movements in iron ore prices and the cautious stance of steel mills imply that operators should remain vigilant. The current supply stability and the ongoing strike at Port Hedland suggest that the market will continue to be influenced by supply-side factors. Traders are advised to monitor price fluctuations closely and adjust their strategies accordingly. The optimistic outlook on coke and coking coal futures indicates that the ferrous metals complex is expected to show resilience, which could provide a buffer against potential price volatility in iron ore.