China: Iron ore fines prices decline by $2/dmt d-o-d amid weak demand

• Ample medium-grade fines supply weighs on prices
• Concerns over fresh US trade curbs dampen sentiment

Iron ore fines (Fe 61%) spot prices fell by $1.5/dmt d-o-d to $96.20/dmt CFR North China on 22 July 2026. Seaborne iron ore prices eased as weak spot buying and abundant medium-grade fines supply outweighed support from higher freight and energy costs.

Market sentiment remained subdued amid concerns that fresh US trade restrictions could dampen overseas demand for Chinese steel and manufactured goods, adding to uncertainty over iron ore consumption. However, expectations of seasonal restocking ahead of China’s National Day holiday in September helped limit the downside, with some market participants indicating prices may be approaching a near-term bottom.

DCE iron ore futures: Iron ore futures on the Dalian Commodity Exchange (DCE) for the September 2026 contract remained largely stable d-o-d at RMB 744.5/t on 22 July.