- Prices hold at $91/t CFR North China amid limited trading activity
- Steel output concerns and narrow mill margins constrain upside
Iron ore fines (Fe 61%) spot prices remained unchanged at $91/dmt CFR North China on 8 October, marking the fifth consecutive day of stability as market participants assessed buying interest following China’s National Day holiday.
Trading activity has gradually resumed, but buyers remain cautious amid uncertainty over post-holiday steel demand and procurement trends. Expectations of steel production cuts and persistently narrow mill margins continue to limit fresh buying, restricting upward price movement.
China’s iron ore port stock prices also remained stable, although sentiment remained under pressure from ample availability, particularly in the lump segment. However, lower prices and expectations of further coke price cuts could encourage selective restocking and provide some support.
Overall, iron ore prices are likely to remain range-bound in the near term, with market direction hinging on mill restocking, steel production trends and the strength of post-holiday demand.
Cautious buying and steel output concerns keep DCE iron ore futures range-bound
January 2027 iron ore futures on the Dalian Commodity Exchange (DCE) remained unchanged d-o-d at RMB 682.5/t ($101.8/t) on 8 October. Sentiment remained cautious as market participants assessed post-holiday steel demand, while expectations of steel production cuts and narrow mill margins continued to limit buying interest. However, the resumption of trading after the National Day holiday could provide clearer demand signals and influence near-term price direction.
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