China: Iron ore spot prices inch down d-o-d amid muted trades

• Policy optimism keeps market sentiment high
  
  
• Recent coke price hike limits raw material gains
  
  

Iron ore fines (Fe 61%) spot prices edged down by $0.25/dmt d-o-d to $105.35/dmt CFR China on 28 May 2026 against 26 May. Trading activity was muted despite improved market sentiment after China announced its 2026-2030 urban renewal plan, boosting expectations of future steel demand from renovation and infrastructure projects.

Meanwhile, iron ore consumption remained steady as blast furnace utilisation rates increased marginally. However, expectations of a fifth coke price hike continued to pressure steel mill margins, limiting bullish sentiment. Market participants also pointed to weakening premiums for blend fines, while trading activity remained largely subdued.

DCE iron ore futures: Iron ore futures on the Dalian Commodity Exchange (DCE) for the September 2026 contract fell slightly by RMB 2.0/t d-o-d to RMB 780.5/t ($114/t) on 30 May.