MMI Daily Iron Ore Index Report October 29 2026

The price recovery continued today alongside a modest improvement in port inventories. DCE most traded closed at 682.0 yuan/mt, up 1.49%; the 61%, 58% and 65% port indices rose to 654, 608 and 817 yuan/wmt. The seaborne indices reached USD 90.90/dmt for the 61% and 107.05 for the 65%, with all 12 brands higher. Mainstream port quotations also broadly increased, producing relatively aligned price direction. Ten-port stocks fell 618,100 mt on Oct 29 from the preceding survey, with declines in fines, concentrates and pellets and a small rise in lump. Stock absorption may reflect both arrivals and collections rather than demand alone. Two consecutive increases in hot metal support baseline consumption, while raw-material stock management, finished-steel margins and environmental measures still influence purchasing schedules. The near-term test is whether stronger prices attract and sustain physical transactions. Buying that improves alongside orders could provide a firmer basis for the rebound. If the move mainly reflects offers while restocking remains limited, high supply flows and profitability constraints could restrict upside. Higher freight also calls for assessing costs against contracts and settlement conditions, favouring a cautious, range-bound view.

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