Iron Ore & Steel

The most-traded Dalian contract closed at 702.5 yuan (US$105)/mt on 30 September, up 0.5%, before the National Day holiday shutdown. China factory PMI rose to 50.1 in September. Vale shares edged up while Rio Tinto and others were mixed; Singapore futures provide the main live price signal during the holiday. Read →

Iron ore futures fell below CNY 720 per ton for a third straight session. Only around 8% of Chinese mills remained profitable, the lowest since September 2024, due to persistently elevated coke prices. China Mineral Resources Group advised steelmakers to avoid Rio Tinto’s Pilbara Blend ore, pressuring demand for major Australian supply. Read →

62% Fe iron ore fines were assessed at US$96.73 per metric ton on September 29, down 0.20% on the day. China’s crude steel output fell 3.7% y/y in August and 3.1% over the first eight months. Port stocks rose 0.76% w/w to 152.17 million metric tons while SGX and DCE futures also declined. Read →

China Iron and Steel Association called on producers to curb output to align with weak domestic demand. Only 7.8% of blast-furnace mills were profitable in mid-September, down from 32.5% at end-August, due to high coke costs and subdued consumption. Australian iron ore shipments to China rose 6.2% w/w ahead of National Day holiday restocking. Read →

The most-traded DCE I2701 iron ore contract settled at 705 yuan/mt, down 0.91% from the prior session, with spot prices at Qingdao port falling 6-10 yuan/mt week-on-week amid thin trading. Arrivals at Chinese ports reached 29.46 million mt for the week while global shipments were steady; mill losses persist and most producers hold output steady, with some shifting maintenance after the holiday due to tight coke supply. Restocking demand has largely run its course, leaving prices without near-term support. Read →

China’s carbon steel hot-rolled coil export prices remained broadly stable during the week of September 20-24, with Mysteel assessing SS400 3mm commercial-grade HRC at Tianjin port at $498/t FOB, down just $1/t on the week. Export deals stayed limited as mills focused on domestic supply ahead of the National Day holiday. August HRC export volumes rose 12.6% year-on-year to 1.52 million tonnes, the first annual increase this year per customs data. Read →

Inventories of imported iron ore at China’s 47 major ports increased for the second straight week to 172.17 million tonnes by September 24, up 805,700 tonnes or 0.5% week-on-week. Steel mill imported ore stocks also built, reaching a seven-month high as mills stockpiled ahead of the holiday while daily consumption eased. The build reflects ample global supply and restrained mill buying amid ongoing losses. Read →

China’s most-traded January iron-ore contract on Dalian fell 1.1% to 703.5 yuan (US$105) per tonne on September 28, its lowest since August 20, while the Singapore October contract traded down 0.68% at US$94.45. Crude-steel output dropped 3.7% year-on-year in August and 3.1% over the first eight months of 2026; CISA urged mills to restrain production as port inventories rose and profitability weakened. Holiday restocking offered limited support, leaving iron ore prices under pressure from subdued demand. Read →

The DCE most-traded contract fell 8.5 yuan to 705.0 yuan/mt and Qingdao Port spot prices dropped 10, 12 yuan/wmt as SMM reported restocking demand largely complete. The MMi 61% port spot index fell the most (-1.74%), collapsing the high-low grade spread; global shipments recovered but arrivals eased. CISA mid-September pig iron output aligned at 1.770 million mt/day (-1.4%), confirming softening demand support near term. Read →

CISA and major producers including Baowu, HBIS, Ansteel and Shougang issued a joint initiative for strict output controls, voluntary restraint and inventory reduction amid “strong supply, weak demand, low prices, thin profits.” Only 7.8% of blast-furnace mills were profitable in mid-September versus 32.5% end-August; the move targets alignment with actual demand and could further reduce iron-ore import needs. Read →

CISA called on mills for voluntary production restraint amid only 7.8% of blast-furnace mills profitable in mid-September, down from 32.5% end-August. Subdued demand and high coke prices squeezed margins; Australian shipments to China rose 6.2% w-o-w as mills rebuild stocks ahead of National Day holiday. This supports near-term iron ore demand despite longer-term weak steel consumption. Read →

10 major Chinese ports iron ore inventories rose to 102.594 Mt (+681,500 Mt w-o-w), ending three weeks of draws, with the full build in fines. 35-port total reached 145.45 Mt (+1.12 Mt). Rising arrivals and pre-holiday restocking outweigh weak hot-metal output (2.3943 Mt/day). This adds to port stock pressure and caps upside for 62% Fe prices. Read →

CISA reported end-user steel demand failed to recover meaningfully in September despite the seasonal peak. Mill inventories of five major products rose 1.7% early September to 16.52 Mt; trader stocks in 21 cities at 9.59 Mt. High coking coal/coke costs pressure prices with limited upside despite firm input costs; production cuts remain limited even as some mills record losses. Read →

Imported iron ore stocks at 47 major Chinese ports rose for the second straight week to 172.17 Mt (+805,700 Mt or 0.5% w-o-w, +18.3% y-o-y). Steel mills trim production amid losses while building pre-holiday ore stocks; spot and futures prices declined on weakening demand. This reinforces loose supply-demand balance for iron ore ahead of Golden Week. Read →

China’s National Bureau of Statistics reported average 20mm HRB400E rebar prices dropped RMB 17.6/mt (0.6%) to RMB 3,165.1/mt in mid-September versus early September. HRC, wire rod and other steel products also declined 0.4-1.3%. The data reflect persistent weak property-sector demand pressuring finished-steel prices. Read →

Rio Tinto and China Baowu completed industrial-scale trials at Baoshan Zhanjiang using hydrogen-based shaft furnace DRI from pellets with one-third Pilbara Blend ore. The DRI was converted to steel via BOF and tested in an electric smelting furnace, showing mid-grade Pilbara ore can support lower-carbon steelmaking pathways. Read →

Iron ore futures in China traded around CNY 710 per ton, near one-month lows. Ample Australian shipments above 21 million tons week-on-week and rising port arrivals from Australia and Brazil added to supply pressure. Chinese steel mills face widening losses from high coking coal prices amid Shanxi mine suspensions, while softer construction and manufacturing demand weighs on ferrous purchases; prices hold some support from expected pre-Golden Week restocking. Read →

BHP and China Baowu Steel renewed their steel decarbonisation partnership via a new five-year MoU, extending collaboration since 2020. Focus areas include modified blast furnace technologies using Pilbara ores targeting at least 30% lower CO2 intensity versus conventional operations, potentially exceeding 80% with carbon storage and renewables, plus continued DRI trials with Pilbara ore processed in Baowu’s planned demonstration electric smelting furnace. Prior hydrogen DRI trials produced iron at 50% of blast-furnace CO2 intensity and supported near-zero emissions potential in electric smelting tests. Read →

Average imported iron ore margin fell to -0.73 yuan/mt from 1.82 yuan/mt, driven by higher lump premiums and rising Brazilian freight rates. As of Sep 23, blast furnace operating rate across 242 mills stood at 88.76%, down 0.17pp week-on-week, with daily hot metal output at 2.3943 million mt, down 4,800 mt. Deeper mill losses reduce production incentives, with more maintenance scheduled and hot metal output expected to decline further from October. Read →

China’s integrated steelmakers built up inventories of imported iron ore sintering fines to a seven-month high ahead of national holidays, per Mysteel’s latest survey. Daily consumption of the feedstock retreated slightly. Blast furnace mills continue pre-holiday restocking even as overall demand indicators remain subdued. Read →

The China Iron and Steel Association urged about 45 mills including Baowu, Ansteel, HBIS and Shougang to cut production and inventories to match orders and profitability. Chinese crude steel output fell 3% year-on-year in H1 2026 while consumption dropped 3.6%, pushing mill inventories to a three-year high of 16.02 million tons. Korean producers see potential relief from oversupply and price pressure if cuts prove deep and sustained. Read →

On Tuesday September 22, the 62% Fe benchmark CFR China settled at $97.32 per tonne, down 0.19%, while DCE most-traded iron ore futures fell 0.98% to 708 yuan per tonne. Vale New York shares edged up 0.28% to $14.19 and Rio Tinto rose 0.46% to $97.49 amid Chinese mills' cautious pre-holiday imported ore purchases. August crude steel output fell 3.7% year-on-year to 74.61 million tonnes. Read →

The most active Dalian iron ore contract for January 2027 delivery fell 1.05% to close at 708.00 yuan per tonne. SGX most-traded contract stood at $97.21 per dmt as of September 21. Spot prices eased 3-5 yuan per wet tonne with mills buying only as needed amid maintenance losses and rising port stocks. Read →

SGX October iron ore futures settled near US$97.05/t (up US$0.05) and DCE main contract near 715 yuan/t (down 0.07%) on Sep 21. CISA data showed large Chinese mills’ average daily crude steel output at 1.924 Mt in early September, up 2.0% from late August, with mill finished-steel stocks also rising 1.7%. The modest output increase supports iron ore demand but weak downstream conditions and CISA calls for production controls limit price upside. Read →

As of Sep 18, imported iron ore inventories at China’s 47 major ports reached 171.36 Mt, up 1.13 Mt or 0.7% week-on-week per Mysteel survey. Australian ore stocks rose to 85.25 Mt and Brazilian to 52.80 Mt, with daily discharge averaging 3.51 Mt. The rebound reverses prior destocking and adds supply pressure despite steel mills building holiday buffers ahead of Golden Week. Read →

CISA reported large/medium Chinese steel enterprises averaged 1.924 Mt daily crude steel output Sep 1-10, up 2.0% from late August, with finished-steel inventories at member mills rising 1.7% to 16.52 Mt by Sep 10. The uptick ends a brief contraction but occurs amid oversupply signals and CISA urging mills to curb output and inventories. It highlights resilient blast-furnace production despite thin mill margins. Read →

BHP and China Baowu renewed their 2020 partnership with a new five-year MoU focused on modified blast-furnace tech and DRI trials using Pilbara ore. Target is at least 30% lower CO2 intensity versus conventional BF, potentially over 80% with CCS and renewables. Prior trials showed hydrogen DRI from Pilbara ore at half conventional BF emissions intensity, supporting future EAF pathways. Read →

Dalian most-traded iron ore contract settled at 715.5 yuan/t ($106.83/t) after rising 0.70%, driven by mills restocking ahead of the October National Day holiday. Benchmark 62% Fe futures stayed broadly flat near $97-98/t CFR China with Qingdao spot prices unchanged. August China imports hit 108.54 Mt (+3.1% YoY) while daily hot-metal output slipped 0.7% MoM, highlighting the gap between short-term buying and structural demand weakness. Read →

The most-active DCE iron ore contract for January 2027 delivery rose 0.70% to close at 715.50 yuan/t ($106.67/t). Gains reflect Chinese steelmakers accelerating seaborne purchases ahead of the holiday break despite ongoing pressure from weak domestic steel demand and thin mill margins. Read →

Singapore iron ore futures rose for a third day, gaining about 1% this week to as high as $97.45 a ton and erasing earlier losses. The move came as Chinese steelmakers increased seaborne purchases ahead of the October National Day holiday, even with weak underlying steel demand and shrinking mill margins. Prices remain below the $100 psychological level for a sixth session. Read →

The most-traded DCE iron ore contract rose 0.35% to 711 yuan ($105.94) a ton while the SGX October benchmark added 0.26% to $96.05 a ton. Steelmakers booked more seaborne cargoes, with daily transaction volumes jumping 43% to 1.41 million tons on Wednesday per Mysteel data. Rebar futures gained 0.1% and hot-rolled coil 0.24% on the Shanghai exchange amid persistent mill losses. Read →

Vale New York shares rose 2.41% to $14.47 while Rio Tinto and BHP also gained over 2% as Chinese mills accelerated seaborne iron ore purchases before the October 1-7 holiday. Daily seaborne volumes hit 1.41 million tonnes, up 43%, supporting steel futures with rebar up 0.1% and hot-rolled coil 0.24%. The 62% Fe benchmark held near $97.41 a tonne. Read →

Dalian iron ore futures climbed 0.35% to 711 yuan per tonne as mills booked seaborne cargoes ahead of October National Day holidays, with Mysteel data showing a 43% jump in transactions. SGX October futures edged 0.26% higher to $96.05, remaining below $100. Analysts noted tumbling mill margins may limit further restocking and output gains. Read →

Shanghai Futures Exchange rebar rose 0.1% and hot-rolled coil 0.24% alongside iron ore gains. Coking coal and coke also advanced over 1%. Weak underlying steel demand from construction persists despite the short-term buying surge. Read →

China Baowu, the world’s largest steelmaker, is exploring a 15-25% stake in BHP’s Jimblebar mine, which produced 62.5 million tonnes for BHP in FY2026. The interest comes amid ongoing contract tensions and could deepen Chinese influence over major Pilbara supply. Read →

The China Iron and Steel Association called on 45 major mills, including Baowu, Ansteel, Shougang and HBIS, to strictly implement production controls and reduce inventories. Mills face oversupply, weak demand and plunging profitability with core steelmaking profits down 40% in H1. The move targets blast-furnace output to ease pressure on iron ore demand. Read →

Iron ore futures fell nearly 5% over the past week to around $96/t amid higher steelmaking input costs and eroding mill margins. Prolonged China property downturn and rising global supply from Australia and Brazil weigh on prices. Miners including BHP, Rio Tinto and Fortescue face softer near-term pricing. Read →

Capesize earnings stay near $50,000/day on strong iron ore volumes, yet Chinese crude steel output fell 3.7% y/y in August to 74.61 Mt with daily output at an eight-month low. CISA’s fresh call for output cuts and inventory reduction adds downside risk to ore demand. Port stocks remain elevated 14% above norms. Read →

Vale fell 0.96% to US$14.47 in New York while the Dalian iron ore contract slipped 0.14% to 707.5 yuan/t. China’s July crude steel output dropped 3.6% y/y to 76.93 Mt even as seven-month ore imports rose 6% to 736.84 Mt. Elevated port inventories signal mills are stockpiling rather than consuming. Read →

China Mineral Resources Group instructed some steel mills to hold off on purchases of Rio Tinto’s flagship Pilbara Blend as annual contract talks reach a critical stage. The directive follows a similar pattern used against BHP and Fortescue, tightening CMRG’s leverage over more than half of China’s iron ore imports. It adds immediate pressure on seaborne supply flows and miner pricing power. Read →

Indonesia’s Trade Ministry opened a formal anti-dumping probe into nine categories of galvanised steel from China after domestic producers reported material injury. China accounted for 81% of Indonesia’s 2.56 million tonne imports of the products from 2023-2025. The 12-month investigation signals rising global protectionism against Chinese steel export surges. Read →

DCE January iron ore futures fell 1.6% to 708.5 yuan per tonne while SGX October contracts eased near 1% to around US$95.65 per tonne. Steel mill profitability plunged 22.51 percentage points week-on-week to a record low 7.79%, prompting output cuts. Port stock reductions limited the downside but failed to offset demand weakness. Read →

Administrators KordaMentha announced the permanent closure of the 60-year-old blast furnace at Whyalla steelworks in South Australia after failed restart attempts. The move affects 500 employees and 100 contractors, reducing the workforce from 1,700 to about 1,200 while the sale process continues with government support. The shutdown highlights challenges for aging integrated steel operations amid shifting technology and weak margins. Read →

DCE iron ore futures dropped to around 708.50 CNY/t, down 1.32% on the session and extending a multi-day decline. Weakening profitability at Chinese steel mills, with only about 30% profitable recently, drove production curbs including lower blast-furnace operating rates and pig-iron output. Port inventories slipped modestly while mill restocking remained limited, weighing on near-term demand for imported ore. Read →

Chinese blast-furnace operating rates fell 0.48 percentage points week-on-week to 89.08%, with daily pig-iron output dropping 5,200 tonnes to 2.4028 million tonnes. Mysteel’s SEADEX 61% Fe fines index declined $1.50/t to $95.85 while DCE futures settled 1.71% lower at 718 CNY/t. The cuts directly reduced demand for seaborne iron ore, pressuring prices and miner valuations including Vale. Read →

Mysteel’s survey showed imported iron ore inventories at 47 major Chinese ports declined 1.08 million tonnes or 0.6% week-on-week to 170.23 million tonnes as of September 10. The second straight weekly drop occurred amid subdued steelmaker demand and production curtailments. Spot and futures prices for imported ore weakened over the prior week as mills responded to deepening losses. Read →

Singapore iron ore futures fell nearly 3% this week to as low as $96.40/t, erasing a Tuesday rebound. Steel mill margins deteriorated with only around 8% of Chinese mills profitable, the lowest since September 2024, while hot metal output stayed seasonally weak. The drop signals softer near-term demand for the steelmaking ingredient. Read →

Dalian and SGX iron ore futures extended losses for a third session below CNY 720 per ton. Only 8% of Chinese mills remained profitable, down from 30% weekly and 60% a year earlier, squeezed by high coke prices. CMRG reportedly advised mills to avoid Rio Tinto’s Pilbara Blend amid contract talks. Read →

Mysteel’s SEADEX 61% Fines index dropped US$1.25/dmt to US$97.35 on Thursday. China’s blast furnace operating rate fell 0.48 percentage points week-on-week to 89.08%, with daily pig iron output down 5,200 mt to 2.4028 million mt. Rio Tinto shares fell 4.19% while Vale slipped 1.04%. Read →

On Sep 9, Vale shares fell 0.77% to US$15.44 while the 62% Fe benchmark held near US$100/t; the most active Dalian contract closed down 0.87% at 738 CNY/t. Chinese mills remain in the Golden September restocking window but face structurally lower steel output. Vale reaffirmed its 335-345 Mt 2026 production guidance amid a seaborne surplus. Read →

Rio Tinto agreed to acquire the Aurukun bauxite project while facing CMRG instructions for some mills to hold off on Pilbara Blend purchases during contract negotiations. The pause echoes prior CMRG actions against other Australian miners. CMRG centralizes purchases representing over half of China’s annual iron ore import volumes. Read →

The most active January Dalian iron ore contract fell about 0.5% to CNY733.5/t in early trade as steel market weakness limits restocking gains despite pre-holiday support and elevated freight. Domestic supply is rising while mill margins stay pressured. Prices are expected to remain rangebound under persistent supply pressure. Read →

The SGX 62% Fe benchmark settled at $100.02/t, up 0.45%. DCE most-traded contract climbed to 744.5 yuan/t. Vale shares rose 1.90% to $15.56 as mills enter peak season with controlled output and higher coke costs. Read →

Imports hit 108.54 Mt, up 3.1% y/y and beating forecasts for a drop. Delayed July clearances from typhoons drove the gain; global shipments to China rose 6.6% m/m per Kpler. Steel exports stayed firm at 10.16 Mt. Read →

DCE I2701 settled at 744.5 yuan/mt, up 1.36%. Qingdao spot prices gained 6-7 yuan/mt. Blast-furnace maintenance cut hot-metal output further while rising freight rates and September-October restocking sentiment lifted futures. Read →

China Mineral Resources Group instructed some steel mills to halt purchases and negotiations for Rio Tinto’s flagship Pilbara Blend as annual contract talks reach a critical stage. The move mirrors prior pressure tactics used against BHP and Fortescue to consolidate CMRG’s bargaining power over more than half of China’s iron ore imports. It directly threatens Rio’s sales into its largest market and adds downside risk to benchmark pricing amid already soft steel demand. Read →

BHP and Combined BHP Ports Unions failed to reach a four-year wage agreement at Tuesday talks; negotiations resume next week under Fair Work Commission facilitation. BHP’s latest offer includes a 17% pay rise over four years plus A$25,000 transition payments. Port Hedland handles the bulk of BHP’s iron ore exports, so prolonged disputes risk loading delays at the world’s largest iron ore port. Read →

SGX iron ore futures rose as much as 1.6% to $101.10/t, the highest intraday level since July 2, breaking above the $100 mark for the first time in seven weeks. The move stems from traders unwinding long coking coal/short iron ore spreads plus optimism for mill restocking ahead of China's October National Day holidays and a seasonal construction pickup. Dalian futures gained 1.4% while coking coal eased after its rally. Read →

The most active DCE iron ore contract for September 2026 delivery gained 1 yuan to close at 738 yuan per tonne in daytime trading. Total volume across 11 contracts reached 245,977 lots. China remains the world's largest iron ore importer with DCE futures open to international investors since 2018. Read →

China Mineral Resources Group directed some mills to pause September shipment negotiations with Rio Tinto to pressure more volume into centralized procurement and strengthen bargaining power. The move targets Australia's top supplier during annual contract talks; DCE and SGX iron ore futures rose on the news. Read →