- High port inventories, subdued liquidity weigh on sentiment
- Sluggish improvement in mill margins limits price recovery
Iron ore fines (Fe 61%) spot prices remained unchanged d-o-d at $90/dmt CFR North China on 14 October 2026, as sluggish improvement in steel mill margins and weak spot trading activity continued to constrain market momentum.
Market sentiment remained mixed over the potential impact of ongoing term contract negotiations on seaborne spot prices for Pilbara Blend Fines (PBF). While some market participants expect demand to strengthen after negotiations conclude, others believe the outcome may have limited influence, with buyers continuing to procure cargoes selectively at prevailing price levels.
Meanwhile, iron ore port stock prices declined for the fourth consecutive day, pressured by elevated inventories and weak steel mill profitability. Limited availability of actively offered stocks further constrained market liquidity, keeping trading activity subdued.
Dalian iron ore futures slip as cautious sentiment weighs on prices
The January 2027 iron ore futures contract on the Dalian Commodity Exchange (DCE) declined by RMB 3/t ($0.45/t) to RMB 672/t ($100/t) on 14 October 2026, reflecting cautious market sentiment amid concerns over steel demand and uncertainty surrounding Chinese steelmakers’ raw material procurement.
The modest decline suggests slight selling pressure, although subdued buying interest may continue to weigh on futures prices. Market participants are likely to monitor changes in steel mill production, iron ore port inventories and expectations for China’s construction and manufacturing activity for clearer price direction.
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