MMI Daily Iron Ore Index Report October 22 2026

Today’s decline extended across domestic futures, port spot and seaborne markets, testing the earlier recovery again. DCE most-traded closed at 669.0 yuan/mt, down 1.83%, and all eight Qingdao products fell 9 yuan/wmt. The seaborne 61% index eased to USD 88.60/dmt and the 65% to 106.25, with all 12 brands lower. The aligned price moves indicate that isolated improvements in offers have not generated durable upward momentum. Production has nevertheless improved at the margin. Surveyed daily hot metal output was 2.3584 million mt on Oct 21, up 6,400 mt from the previous period, alongside a modest increase in the blast furnace operating rate. Higher output is not the same as discretionary restocking: mill stocks, end-user orders and margins still shape purchasing schedules. Lower arrival flows may ease future supply pressure, but existing inventory still requires transactions and collections for absorption. The near-term question is whether lower prices generate persistent demand. Buying restricted to current consumption could leave prices soft and range-bound, while sustained trading and restocking would help translate production improvement into price support. Higher freight adds a cost variable, making selling prices, procurement contracts and exchange rates important to margin assessment rather than extrapolating one day’s production or price move into a trend reversal.

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