- Bargain buying, expectations of pre-holiday restocking lift prices
- Declining port inventories support iron ore lump demand
Iron ore fines (Fe 61%) spot prices edged up by $0.1/dmt d-o-d to $97.20/dmt CFR North China on 28 July 2026, as buyers gradually returned to the market at lower price levels. As per reports, there was renewed interest in medium-grade fines, supported by bargain buying and expectations of pre-holiday restocking by Chinese mills ahead of the National Day holidays in October.
The recent correction in prices has improved the attractiveness of blend fines, which are currently trading at wider discounts, encouraging mills to replenish inventories while optimising raw material costs. Ongoing negotiations between a key miner and CMRG also kept participants attentive to potential changes in seaborne supply dynamics, prompting selective buying.
Meanwhile, demand for iron ore lumps remained firm, underpinned by its productivity benefits and shrinking port inventories, which provided additional support to the physical market. However, cautious sentiment in the derivatives market capped stronger gains in spot prices.
DCE iron ore futures: Iron ore futures on the Dalian Commodity Exchange (DCE) for the September 2026 contract weakened d-o-d to RMB 739/t on 29 July.
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