Iron ore edges lower on the Dalian exchange on Wednesday, with the main contract closing at 739 yuan a tonne

The main iron ore contract on China's Dalian Commodity Exchange closed at 739 yuan a tonne on Wednesday, 29 July 2026 (7 Mordad 1405), down 0.27% from the previous session. Spot prices at Qingdao port were also reported one to three yuan a tonne lower than the previous day.

According to the daily iron ore index report, traders showed moderate willingness to quote and steel mills bought mostly for essential needs, leaving spot transaction sentiment generally weak.

Iron ore is the principal raw material in the steel chain, and China is the world's largest buyer. Price trends on Chinese exchanges matter to Iran's steel industry, because they feed into both export prices for billet and pellets and the profit margins of steel companies listed on the Tehran exchange.