China: Iron ore spot prices remain stable d-o-d as holiday commences

• Iron ore prices remain stable amid subdued pre-holiday trading
• Weak steel mill demand, production cuts weigh on market sentiment

Iron ore fines (Fe 61%) spot prices remained steady d-o-d at $95/dmt CFR China on 25 September 2026, as trading activity stayed subdued ahead of the Mid-Autumn Festival holidays. The seaborne iron ore market remained largely stable on 25 September amid limited trading activity. Physical demand showed little movement, with Chinese market participants largely away for the holidays and providing limited market cues.

Meanwhile, the prevailing bearish outlook continued to weigh on sentiment in the derivatives market, with expectations of further steel mill production cuts continuing to pressure demand. China’s iron ore portside prices also remained unchanged d-o-d, with trading activity largely muted due to the public holiday.

DCE iron ore futures remain stable

January 2027 iron ore futures on the Dalian Commodity Exchange (DCE) remained stable d-o-d at RMB 713.5/t ($106.9/t) on 25 September. The futures market remained subdued amid cautious sentiment and weak spot demand ahead of the holidays. With most steelmakers having already completed their pre-holiday inventory replenishment, buying interest remained selective and mills showed limited urgency for additional purchases.