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Iron Ore Prices Hit Two-Year Low, Pressuring Asian Steel Markets
Non-Energy Minerals · Other Metals/Minerals · economic_daily · 2026-10-23
Weak demand in China and rising global supply have pushed iron ore prices to a two-year low, threatening recent steel price hikes in Asia.
What Happened
Persistent Price Decline: Iron ore prices have continued to slide due to weak steel demand in China and increased global supply. Singapore futures are currently trading around $90 per ton, marking a two-year low since September 2024, with a year-to-date decline of approximately 15%.
Demand Side Challenges: The prolonged downturn in China's real estate market has severely dampened demand for construction steel, compressing profit margins for steel mills. Consequently, reduced procurement appetite from these mills has further exacerbated downward pressure on iron ore prices.
Supply Expansion: On the supply side, major miners in Australia and Brazil continue to maintain stable export levels. Coupled with the progress of the Simandou iron ore project in Guinea, the market expects global supply to become more abundant, prolonging the supply-demand imbalance.
Impact on Steel Prices: Recent efforts by Asian steel mills to raise prices are facing significant headwinds. With low profitability and potential cuts to pig iron production, research institutions warn that iron ore prices are likely to remain volatile and weak in the near term.
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