Iron Ore Futures Reclaim $100/Ton Amid China Demand Hopes and Positioning Shifts

Iron ore futures traded in Singapore surged above the $100 per ton mark on September 7, 2026, reaching intraday highs of $101.10—the highest level since early July—as traders unwound positions favoring coking coal and optimism grew over pre-holiday restocking in China. Bloomberg reported the move was supported by elevated freight costs and expectations of seasonal construction activity ahead of National Day holidays in October. Multiple outlets, including Moneycontrol and Seeking Alpha, confirmed the breach of the psychologically important threshold after prices had lingered below $100 through much of the summer. Earlier analyst commentary from Bradesco BBI's Rafael Barcellos highlighted tightening coking coal supplies lifting steelmaking costs, with rebar and hot-rolled coil prices reaching multi-month highs and supporting downstream steel margins. Chinese steel-trading house spot activity increased for a second week, though blast furnace utilization dipped slightly. The rebound aligns with broader metals strength, including copper futures hitting new highs. While China's property sector remains a drag on long-term steel demand, short-term factors like inventory drawdowns and positioning dynamics have provided near-term support. FocusEconomics data showed August averages around $96/ton before the recent uptick.