[China Domestic Ore Brief] Iron ore concentrates prices in the Tangshan area edged up by 10-15 yuan, with current 66-grade iron ore concentrates priced at 990-995 yuan/mt on a dry basis, tax-inclusive, ex-factory. Recently, finished steel prices rose, improving steel mill profits. Combined with imported ore prices fluctuating upward, this drove domestic iron ore concentrates prices to rise. Looking ahead to next week, domestic ore supply remains tight. Demand side, domestic steel mills' high

After the holiday, ferrous metals opened higher, but subsequent trends diverged—steel products and iron ore fluctuated at highs, while coke surged before pulling back. The strong rally during the week was mainly driven by disturbances outside China. During the holiday, the US-Iran standoff escalated with widening negotiation gaps, pushing raw materials to lead the gains in ferrous metals. Combined with capital inflows after the holiday, this provided a clear upward drive for prices. In the latter half of the week, market rumors suggested that Iran and the US had reached a consensus on easing the US naval blockade in exchange for the gradual reopening of the Strait of Hormuz, and bears increased their positions in coke. Data on the five major steel products were released, showing weakness in both supply and demand, with inventory not accumulating after the holiday. On the spot market side, traders had a strong willingness to hold prices firm, and purchases were made in both futures and spot cargo at low price levels...

Entering May, macro impacts gradually weakened, and price logic reverted to fundamentals. However, hot metal production has already peaked. Meanwhile, supply pressure is gradually increasing and supply-demand imbalances are intensifying, suppressing iron ore prices. From industrial data, current demand in and outside China remains robust, steel inventory destocking is progressing well, and overall supply-demand imbalances are not prominent. Comprehensively, iron ore prices are expected to fluctuate at highs in May, with limited downside room. However, entering June, off-season effects will become prominent and supply-demand imbalances will intensify; at that time, macro will enter a vacuum period, and ore prices are expected to come under pressure and weaken. Data Source Disclaimer: Data other than publicly available information is derived by SMM based on public information, market communication, and SMM's internal database models, for reference only and does not constitute decision-making advice. Note: This article is original content of this official account. For reprinting, whitelisting, or cooperation needs, please contact us. Without permission, it is prohibited to reprint, modify, use, sell, transfer, display, translate, compile, disseminate, or disclose the above content to third parties in any other form, or license third parties to use it. Otherwise, once discovered, SMM will pursue legal action for infringement liability, including but not limited to claiming contractual breach liability, return of unjust enrichment, and compensation for direct and indirect economic losses. Scan the QR code for free access to information

On May 7, 2026, iron ore futures fluctuated upward with intense trading, and the most-traded contract I2609 closed at 817 yuan/mt, up 0.62% from the previous trading session. Port spot prices were basically flat compared to the previous day. Traders showed moderate quoting activity, and steel mills remained cautious in procurement; overall spot transaction sentiment was lukewarm. Currently, iron ore supply-demand fundamentals remain stable. However, oil prices transmitted through the shipping market, leading to a significant rise in iron ore freight costs today, further supporting iron ore prices. In addition, reports indicated that the US and Iran are negotiating on resolving conflicts and reopening the Strait of Hormuz, with oil prices having fallen for three consecutive days. This news may boost market sentiment in the short term, providing positive sentiment-driven support for iron ore prices.

May 6, 2026 — Iron ore prices strengthened significantly in today's trading, with the benchmark I2609 futures contract closing at 816 RMB/ton, up 2.84% from the previous trading session. Spot port prices rose by 10–18 RMB/ton compared to the prior day. Traders showed increased quoting activity, while steel mills mainly purchased for essential needs with limited inquiries; overall spot market transactions remained subdued.

[SMM Steel] Global steel and raw material prices continued rising in April 2026, with HRC, billet, scrap, and iron ore prices increasing 6.3–18.9% YoY, while coking coal surged 30.1% YoY. Imported US HMS 1/2 80:20 scrap prices to Vietnam rose 7.1% MoM and 13.8% YoY, while imported HRC prices also increased sharply in late April. In Vietnam, domestic HRC prices increased by around VND 900–988/kg, and coated steel prices continued rising with some mills raising prices 4–5 times during the month due to higher input costs. Against this backdrop, VNSTEEL’s total finished steel consumption in the first four months of 2026 increased 16.9% YoY, with long steel sales rising 30% and metal products growing 37.4%, supported by improving domestic construction and infrastructure demand.