China: Iron ore spot prices drop $2/dmt d-o-d

• DCE iron ore futures declines d-o-d
  
  
• Beijing talks fail to lent any immediate support
  
  

Iron ore fines (Fe 61%) spot prices fell by $1.55/dmt d-o-d to $109.95/dmt CFR China on 15 May 2026 against $111.05/dmt.

Iron ore prices declined amid subdued trading liquidity in the primary market, while activity in the secondary market also remained limited as participants closely monitored developments surrounding the Beijing trade talks. Procurement activity remained cautious, with buyers largely following need-based purchasing strategies amid uncertain market sentiment.

Meanwhile, sellers continued to liquidate inventories at lower prices, exerting additional pressure on the market. However, overall trading activity stayed reasonably healthy during the week, supported by declining inventories and improved profitability among Chinese steel mills, which encouraged them to maintain elevated production levels and provided some support to prices.

DCE iron ore futures: Iron ore futures on the Dalian Commodity Exchange (DCE) for the September 2026 contract fell down by RMB 10/t ($1.5/t) d-o-d to RMB 805.5/t ($118/t) on 16 May 2026.