- Optimism ahead of China’s Politburo meeting lifts prices
- Physical trade remains limited amid weak steel mill margins
Iron ore fines (Fe 61%) spot prices rose by $1.3/dmt d-o-d to $97.50/dmt CFR North China on 23 July 2026, supported by improved market sentiment ahead of China’s upcoming Politburo meeting. Expectations of additional policy support lifted futures and seaborne prices, although physical buying activity remained subdued.
Trading activity remained limited, with only pockets of transactions reported in the seaborne market. Market participants noted that end-users continued to prefer higher-silica ores and Australian products over mainstream blend fines, as narrowing price differentials made these products more cost-effective. However, mills largely maintained a cautious procurement approach due to weak steel margins and limited import profitability.
The absence of low-grade fines in the spot market also supported demand for mid and lower-grade products. At Chinese ports, prices for medium- and low-grade fines edged higher during the day, although the overall portside market continued to fluctuate within a narrow range, reflecting balanced supply-demand fundamentals.
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 743.5/t on 23 July.
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