China: Iron ore fines prices rise slightly d-o-d on expectations of higher hot metal output

• • Expectations of higher consumption support prices

• • Softer portside market reflects cautious buying

Iron ore fines (Fe 61%) spot prices inched up by $0.10/dmt d-o-d to $97.30/dmt CFR North China on 29 July 2026. The slight gain was underpinned by expectations of improved blast furnace utilisation and higher hot metal production in the coming days, although overall spot trading remained subdued as market participants awaited clearer policy direction.

In contrast, the Chinese portside market softened, with mainstream port-stock prices easing in yesterday’s trading session. The decline widened the gap between imported cargo costs and portside values, reducing the attractiveness of port inventories and keeping procurement largely need-based.

Market sentiment stayed cautiously firm as the gradual resumption of blast furnace operations is expected to support raw material consumption. However, weak portside liquidity and cautious buying by mills continued to cap stronger price gains.

DCE iron ore futures: Iron ore futures on the Dalian Commodity Exchange (DCE) for the September 2026 contract steady d-o-d to RMB 734/t on 30 July.