China: Iron ore spot prices rise by $1/dmt d-o-d despite weak trading

• Ongoing China-Australia talks fuel July supply worries
  
  
• Portside iron ore prices rebound after previous decline
  
  

Iron ore fines (Fe 61%) spot prices gained by $1.15/dmt to $98.7/dmt CFR China on 26 June 2026, as market sentiment improved despite continued weakness in overall demand. Trading activity in the seaborne fines market remained limited, but discussions in the market helped lift confidence in both the physical spot and futures segments.

Market sentiment strengthened as sellers raised their offer levels amid ongoing term-contract negotiations between China's major state-backed buyer and a leading Australian miner. The talks have triggered concerns over the availability of low-grade fines for July shipments. While sentiment improved for lower-grade materials, demand for the other four mainstream iron ore brands stayed relatively muted during the week, with no significant transactions reported.

In the portside market, iron ore prices in China rebounded d-o-d after declining in the previous session. Moreover, if supply concerns continue, prices of low-grade fines could strengthen further in the coming weeks.

DCE iron ore futures: Iron ore futures on the Dalian Commodity Exchange (DCE) for the September 2026 contract stood at RMB 745/t ($110/t) on 27 June, rising RMB 9/t ($1.5/t).