MMI Daily Iron Ore Index Report November 6 2026

Iron ore prices diverged across domestic and seaborne markets today. DCE most-traded closed at 687.5 yuan/mt, down 0.51%. The 61% and 65% port indices each lost 2 yuan, the 58% held steady, and all eight spot products declined. The seaborne 61% and 65% composite indices rose to USD 91.95 and 107.95/dmt, while all 12 brands gained USD 0.20/dmt against the previous report. Gains in one market alone do not establish broad strength across the chain. Physical balances remain central to assessing sustainability. Latest surveyed hot metal fell 4,800 mt WoW, while ten-port stocks increased 643,600 mt, with concentrates and lump building as fines and pellets declined. Latest shipment and arrival data cover the week to Oct 30. Lower arrivals may ease incoming pressure for that period, but do not establish that current port stocks are already falling. A cautious, range-bound near-term view remains appropriate. Small gains in seaborne quotations and the domestic ore index offer some price support, while port weakness, inventory accumulation and softer hot metal constrain demand expectations. Better mill margins accompanied by sustained buying could strengthen support; predominantly needs-based purchasing could leave prices fluctuating with trading, stocks and resource composition.

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