China: Iron ore spot prices decline to $100/t level
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- Fresh supply additions, weak steel demand weigh on prices
- Iron ore prices unlikely to have bottomed out yet
Iron ore fines (Fe 61%) spot prices fell by $1.2/dmt to $100.3/dmt CFR China on 8 June 2026 against 5 June, pressured by rising port inventories, elevated coke prices, and continued weakness in China's steel market.
Iron ore prices fell to the $100/dmt level yesterday, reaching a more than three-month low, a level last recorded in early March
Weak construction activity and sluggish end-user steel consumption weighed on finished steel prices, while reduced steelmaker profitability dampened expectations for iron ore demand. Market sentiment remained cautious amid seasonal demand weakness and expectations of higher seaborne supply, particularly from the ramp-up of the Simandou iron ore project.
Additionally, the geopolitical tensions escalated following renewed military exchanges in the Middle East, pushing oil prices higher and increasing concerns over shipping disruptions through the Strait of Hormuz, adding uncertainty across commodity markets.
Meanwhile, portside trading activity remained subdued as buyers delayed purchases in anticipation of further price declines. With inventories continuing to accumulate, market participants indicated that iron ore prices may face additional downside pressure in the near term.
DCE iron ore futures: Iron ore futures on the Dalian Commodity Exchange (DCE) for the September 2026 contract lowered by RMB 6.5/t ($1/t) to RMB 760.5/t ($112/t) on 9 June.
