MMI Daily Iron Ore Index Report for July 29, 2026

Today, the iron ore market showed a weaker trend on the Dalian Commodity Exchange (DCE). The main contract, I2609, closed at 739 yuan per ton, down 0.27% from the previous trading session. Spot prices at Qingdao Port fell by 1 to 3 yuan per ton from the previous day.

Traders showed moderate willingness to quote, while steel mills bought mostly for essential needs, resulting in generally poor spot transaction sentiment. In the short term, iron ore demand has edged lower, but it is expected to pick up starting next week as environmental restrictions are lifted and more blast furnaces under maintenance resume production. That makes the pace of finished steel production and raw material restocking a key part of the near-term backdrop for port inventories and spot trading activity.

According to SMM survey data, the blast furnace capacity utilization rate at sample steel mills stood at 88.90%, down 0.59 percentage point month on month, while average daily hot metal output fell by 16,000 tons to 2.4087 million tons. Next week, as environmental restrictions are lifted and most blast furnaces under maintenance resume production, hot metal output is likely to enter a growth phase.

However, constrained by high iron ore inventories and lingering market uncertainties, prices are unlikely to break through upside resistance in the near term and may continue to fluctuate within a narrow range.

Source: Metals Market Index (MMI)