- Seller offers strengthen despite cautious mill buying
- DCE futures gain but physical sentiment remains subdued
Iron ore fines (Fe 61%) spot prices held steady d-o-d at $100/dmt CFR North China on 7 September 2026. Firm seller offers provided support, but cautious Chinese mill procurement and weaker finished steel prices limited buying interest.
Steel mills remained focused on covering immediate requirements rather than building inventories, as softer finished steel prices constrained margins and reduced their willingness to absorb higher raw material costs. This kept spot transactions limited despite sellers maintaining firm price expectations.
Market participants noted a widening gap between seller and buyer expectations. Sellers continued to lift offers, with some traders attributing the firmer stance to attempts to recover losses incurred during the earlier market downturn. Buyers, however, remained reluctant to accept higher levels amid weak steel market fundamentals.
DCE futures support sentiment
January 2027 iron ore futures on the Dalian Commodity Exchange (DCE) rose to RMB 734.5/tonne (t) ($109/t) on 7 September. The increase provided some positive sentiment to the seaborne market and reinforced seller confidence, but did not translate into stronger physical buying from Chinese mills.
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