Dalian iron ore futures strengthened during the morning session before paring gains in the afternoon. The most-traded I2605 contract settled at 824 RMB per tonne, representing a 0.55% increase from the prior trading day.

Dalian iron ore futures rose in early trading and pulled back in the afternoon. The most-traded contract, I2605, finally closed at 824 yuan/mt, up 0.55% from the previous trading session. Spot prices rose by about 2-5 yuan from the previous trading day. Traders were relatively active in offering quotes, while steel mills made fewer inquiries and purchased cautiously, with overall transactions in the spot market remaining average. In terms of fundamental data, blast furnace maintenance intensity continued to pull back this week, with maintenance affecting hot metal production by 1.65 million mt, down 206,500 mt WoW. It was expected to decrease by a further 180,000 mt next week to 1.4684 million mt, indicating a gradual improvement on the demand side. In terms of supply, tight supply still persisted in the market, and there was no news of any significant adjustment, which remained supportive for iron ore in the short term. However, some funds, out of concern over downstream risks, tended to stay on the sidelines, and overall wait-and-see sentiment was strong. In summary, iron ore prices were expected to hover at highs in the short term.

[China Iron Ore Brief Review: Iron Ore in Shandong May Continue to Edge Higher] This week, at mines and beneficiation plants in Shandong, the ex-mine quote for 64 grade alkaline fines on a dry basis, before tax and settled by bank acceptance, was 899, up 17 yuan/mt. Steelmakers raised prices in tandem, most miners maintained normal production, and some mines slightly increased output. Steel mills showed moderate willingness to purchase, mainly under long-term contracts, while shipments from small plants and traders were also relatively good, with overall transactions improving; after a large mine in Zaozhuang resumed production

Dalian iron ore fluctuated upward today. The most-traded contract, I2605, finally closed at 819 yuan/mt, up 0.92% from the previous trading session. Spot prices rose by about 1-2 yuan from the previous trading day. Traders were moderately active in offering quotations, while steel mills purchased cautiously. At present, transactions in the spot market remained sluggish. In terms of fundamental data, the SMM survey showed that global iron ore shipments reached 33.63 million mt last week, up 5.2% WoW; meanwhile, total iron ore arrivals at Chinese ports were 27.14 million mt, down 3.5% WoW. Combined with the narrower inventory buildup in port inventory in the previous period and the increase in port pick-up volume, the oversupplied situation on the iron ore supply side improved in the short term. At the same time, demand gradually rebounded as blast furnaces resumed production one after another, and iron ore fundamentals gradually turned bullish. On the news front, as long-term contract negotiations remained deadlocked, the unilateral trend in iron ore had yet to become clear, so most funds chose to stay on the sidelines, though overall bullish sentiment remained relatively strong. Therefore, overall, iron ore prices were expected to fluctuate at highs this week.

Indian steelmakers, led by JSW Steel, are increasingly sourcing high-grade Pilbara ores from Australia as China imposes selective import restrictions on certain BHP Group products. Industry reports indicate that Indian mills are leveraging these supply diversions to secure premium ores at competitive spot-market rates, stabilizing feedstock availability for their expanding integrated plants. This trend supports India's aggressive capacity growth targets while allowing Australian exporters to diversify their demand base away from a single dominant market.

The United Kingdom government officially launched a new national Steel Strategy on March 19, 2026, aimed at domesticating 50% of the nation's steel consumption, up from the current 30%. As part of this robust trade defense, the UK will reduce tariff-free import quotas by 60% effective July 1, 2026, while raising the maximum Most Favored Nation (MFN) tariff to 50% for imports exceeding these limits. This move is designed to shield the domestic industry—currently transitioning from traditional blast furnaces to electric arc furnaces (EAF)—from global overcapacity and extreme subsidies.