MMI Daily Iron Ore Index Report October 28 2026

Prices recovered today alongside marginal improvement in production. DCE most-traded closed at 672.0 yuan/mt, up 1.20%, and mainstream Qingdao brands rose 5–6 yuan/wmt. The seaborne 61% and 65% indices increased to USD 89.65 and 106.50/dmt, with all 12 brands higher. Composite port indices remained mixed, showing that brand quotations and composite grade pricing do not always move together. Surveyed daily hot metal output reached 2.3621 million mt on Oct 28, up 3,700 mt and rising for a second period, supporting baseline raw-material consumption. However, purchases also depend on mill stocks, end-user orders and profitability; production growth does not automatically translate into discretionary restocking. Latest arrivals increased 12.47% WoW, so the effect of recovering supply should be assessed alongside port collections. The near-term test is whether the rebound attracts sustained transactions. Steadily stronger buying alongside production recovery could improve price support, while purchases restricted to immediate needs could leave available supply and margin constraints limiting upside. A range-bound view remains appropriate, distinguishing a one-day price recovery from a change in the demand trend.

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