China: Iron ore fines prices fall by $1/dmt d-o-d
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- Brand-product restrictions keeps buyer on sidelines
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- Downside limited amid tight lump stocks at ports
Iron ore fines (Fe 61%) spot prices fell by $0.95/dmt d-o-d to $98.10/dmt CFR North China on 13 July 2026, pressured by softer buying interest and heightened market caution surrounding the prolonged negotiations between Australian miner and China Mineral Resources Group (CMRG). Despite the decline, the downside remained limited as relatively tight lump inventories at Chinese ports continued to lend support to select grades.
The correction was primarily driven by weaker demand, with buyers largely adopting a wait-and-watch approach ahead of the 15 July delivery restrictions. Trading activity slowed considerably at the start of the week as limited progress was reported in the ongoing negotiations, prompting mills and traders to postpone fresh purchases until greater pricing clarity emerges.
The negotiations has reduced spot buying appetite, with most consumers preferring to rely on existing inventories rather than committing to new cargoes. The cautious sentiment also weighed on overall liquidity in the seaborne market, limiting transaction volumes despite lower prices.
As a result, iron ore buying was largely restricted to immediate production requirements rather than inventory replenishment.
DCE iron ore futures: Iron ore futures on the Dalian Commodity Exchange (DCE) for the September 2026 contract edged up to RMB 750.5/t on 13 July.
