MMI Daily Iron Ore Index Report November 10 2026

Iron ore futures and spot prices were broadly under pressure today. DCE most-traded closed at 684.0 yuan/mt, down 0.51% from the previous close, and all eight major Qingdao port quotations declined. The 61%, 58% and 65% port indices fell 3, 1 and 4 yuan, respectively. The seaborne 61% index eased to USD 91.35/dmt, the 65% held at 107.60, and all 12 brands edged lower. Grade spreads moved differently across markets; one-day changes do not establish a shift in blending trends. Physical balances still constrain a sustained rebound. Latest Chinese arrivals rose 33.30% WoW while global shipments fell 7.89%, with voyage lags potentially explaining the divergence. Existing ten-port stocks increased 643,600 mt from the previous period and surveyed daily hot metal fell 4,800 mt. Higher arrivals require mill buying and port absorption, but there is not yet a basis to state that current inventories have already risen further. A cautious, range-bound near-term view remains appropriate. A steady high-grade seaborne index and lower freight offer some buffer, while declining futures and spot prices and limited incremental demand restrain upside. Better orders and margins accompanied by sustained restocking could strengthen support; needs-based buying and slow absorption of arrivals could leave ore prices fluctuating under pressure.

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