China: Iron ore fines prices remain steady d-o-d
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- Seaborne iron ore trade remains subdued amid cautious mill buying
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- Tangshan output curbs expected to have limited near-term impact
Iron ore fines (Fe 61%) spot prices remained stable d-o-d to $97.50/dmt CFR North China on 24 July 2026, as subdued trading activity and cautious mill procurement offset support from stable futures.
Trading activity remained muted in the seaborne market, with only a handful of transactions reported. Chinese mills continued to favour higher-silica ores and Australian products over mainstream blend fines, as the narrowing price gap improved their cost competitiveness. However, overall buying interest remained weak amid poor steelmaking margins and limited import arbitrage opportunities.
The market also remained watchful of the production restrictions scheduled for Tangshan from 25 July, under which blast furnace operations are expected to be curtailed by 20% and sintering activity by 40%. Most mills, however, anticipated only a limited impact, given that the restrictions are expected to remain in place for only the final days of the month.
At the ports, iron ore prices were largely stable despite thin trading liquidity. Traders indicated that mills continued to focus on discounted cargoes, while weak steel margins kept procurement activity restrained.
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 744/t on 25 July.
