MMI Daily Iron Ore Index Report November 4 2026

Futures, port and seaborne prices recovered together today while production eased. DCE most-traded closed at 682.0 yuan/mt, up 1.64%, and the 61%, 58% and 65% port indices rose to 656, 607 and 818 yuan/wmt. The seaborne indices reached USD 91.10/dmt for the 61% and 106.75 for the 65%, with all 12 brands higher. Price direction was aligned, suggesting better short-term support, but one rebound does not establish a stronger demand trend. Surveyed daily hot metal output was 2.3573 million mt on Nov 4, down 4,800 mt, and the blast furnace operating rate fell to 87.06%. Softer baseline consumption alongside firmer prices highlights the different timing of production, procurement and pricing. Lower latest arrivals, reduced ten-port stocks and softer freight offer some cushion, with their subsequent effects still dependent on collections and transactions. The near-term focus is whether the rebound attracts persistent restocking. Better orders and margins could strengthen downside support; needs-based buying could leave lower production and subsequent supply constraining upside. A cautious, range-bound view remains appropriate, assessing transactions, hot metal and inventories together rather than treating a futures gain alone as a trend reversal.

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