DCE Iron Ore Futures Edge Lower as Qingdao Spot Prices Fall
Key Takeaways
- •The most-traded DCE I2609 iron ore futures contract closed at 746 yuan per metric ton on July 24, 2026, down 0.13% from the previous session.
- •Total iron ore inventories at major Chinese ports reached 144.92 million metric tons, declining 210,000 metric tons month on month while the destocking pace slowed.
- •Daily average port pick-up volume fell by 15,000 metric tons to 3.205 million metric tons, reflecting weak demand from steel mills and downstream users.
- •Upcoming environmental protection-related production restrictions in Tangshan are expected to further reduce hot metal output and keep iron ore prices under pressure.
- •Market participants were advised to monitor the Politburo meeting scheduled for the following week for potential bullish policy signals that could influence iron ore market sentiment.
DCE iron ore futures traded in a subdued range on July 24, 2026, while spot prices at Qingdao Port moved lower amid weak trading conditions in China’s iron ore and steelmaking market. The Dalian Commodity Exchange contract is a closely watched benchmark for China’s seaborne iron ore demand, while Qingdao Port spot prices are commonly used as a gauge of near-term physical market conditions.
The most-traded DCE I2609 iron ore futures contract closed at 746 yuan per metric ton, down 0.13%. Spot prices at Qingdao Port fell by about 2-3 yuan per metric ton from the previous trading day.
Market activity among traders was described as moderate, while inquiries from steel mills remained relatively limited. The overall spot trading atmosphere was sluggish, indicating that mills were not aggressively replenishing raw material inventories despite the softer port prices.
According to SMM statistics cited by Metals Market Index (MMI), total iron ore inventories at major ports across China stood at 144.92 million metric tons, down 210,000 metric tons month on month, with overall inventories continuing to destock.
During the same period, the daily average port pick-up volume edged down by 15,000 metric tons to 3.205 million metric tons. Despite a sharp decline in port arrivals, the pace of iron ore inventory destocking slowed, reflecting currently weak demand for iron ore. Port pick-up volumes are an important indicator because they help show how quickly steel mills and downstream users are drawing material from port stockpiles.
Looking ahead to the following week, MMI said a new round of environmental protection-related production restrictions in Tangshan may widen the decline in hot metal output. Tangshan is one of China’s major steelmaking hubs, and hot metal output is closely linked to blast furnace activity and iron ore consumption. Iron ore prices are expected to remain under pressure in the short term, while market participants were advised to watch for any bullish policy signals from the Politburo meeting scheduled for the following week.
Source: Metals Market Index (MMI)