MMI Daily Iron Ore Index Report October 23 2026

Prices recovered together today, easing the previous session’s broad weakness. DCE most-traded rose 0.90% to 675.0 yuan/mt; the 61%, 58% and 65% port indices increased to 658, 616 and 817 yuan/wmt. The seaborne 61% and 65% indices were USD 89.20 and 106.80/dmt, with all 12 brands higher. Direction was broadly aligned, but a one-day rebound still needs persistent buying support. Marginal production improvement supports baseline consumption. Latest surveyed daily hot metal output was 2.3584 million mt, up 6,400 mt, while the latest shipments and arrivals both declined. Nevertheless, raw-material stocks, finished-steel margins and orders determine whether mills restock actively; weaker transport flows do not substitute for evidence of stock absorption. The near-term focus is whether firmer prices and transactions reinforce each other. Persistent buying alongside better profitability could strengthen downside support, while a recovery confined to offers could limit further gains. Higher freight adds a cost variable, making contracts and exchange rates important to actual margins. A range-bound view remains appropriate.

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