MMI Daily Iron Ore Index Report November 2 2026

Prices recovered in November’s first session, with futures, port and seaborne indices moving higher together. DCE most-traded closed at 674.5 yuan/mt, up 0.37%; the 61%, 58% and 65% port indices each rose 3 yuan to 653, 605 and 815 yuan/wmt. The seaborne 61% and 65% indices reached USD 90.90 and 106.90/dmt, with most brand quotations firmer, indicating improved short-term price support. Supply flows offer some cushion. Arrivals in China fell 15.73% WoW in the week to Oct 30, potentially easing near term incoming pressure, although global shipments rose 2.58%, leaving room for later changes in arrivals. Two consecutive increases in the latest hot metal readings support baseline consumption, but production recovery is not the same as discretionary restocking; orders and margins determine purchasing persistence. The near-term test is whether transactions keep pace with firmer offers. Stronger restocking and orders could provide firmer downside support, while purchases limited to immediate needs could leave existing stocks and subsequent supply constraining upside. Rising freight also increases the importance of procurement costs. A cautious, range-bound view remains appropriate rather than treating a single gain at the month’s start as a trend reversal.

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