Iron Ore Hits Fresh 4-Year Low

2026-10-22 06:56 By Jam Kaimo Samonte 1 min. read

Iron ore futures declined toward CNY 670 per ton, reaching their lowest level in four years after China’s state-backed iron ore buyer secured a new supply agreement with Rio Tinto, easing concerns over supply availability.

The China Mineral Resources Group verbally informed several steel mills of the deal on Wednesday, although specific terms were not disclosed.

CMRG had previously instructed some steel mills to suspend negotiations with Rio Tinto over shipments scheduled from September.

Meanwhile, rising global shipments and increased arrivals at Chinese ports signaled abundant supply.

Industry data showed that global iron ore shipments rose by 3.89 million tons week-on-week to 34.77 million tons in the week ending October 18.

Shipments from Australia and Brazil increased by a combined 4.79 million tons to 29.82 million tons, while iron ore arrivals at 47 Chinese ports climbed by 2.73 million tons to 28.35 million tons over the same period.



News Stream
Iron Ore Hits Fresh 4-Year Low
Iron ore futures declined toward CNY 670 per ton, reaching their lowest level in four years after China’s state-backed iron ore buyer secured a new supply agreement with Rio Tinto, easing concerns over supply availability. The China Mineral Resources Group verbally informed several steel mills of the deal on Wednesday, although specific terms were not disclosed. CMRG had previously instructed some steel mills to suspend negotiations with Rio Tinto over shipments scheduled from September. Meanwhile, rising global shipments and increased arrivals at Chinese ports signaled abundant supply. Industry data showed that global iron ore shipments rose by 3.89 million tons week-on-week to 34.77 million tons in the week ending October 18. Shipments from Australia and Brazil increased by a combined 4.79 million tons to 29.82 million tons, while iron ore arrivals at 47 Chinese ports climbed by 2.73 million tons to 28.35 million tons over the same period.
2026-10-22
Iron Ore Weakens on Signs of Robust Supply
Iron ore futures weakened to around CNY 680 per ton, trading close to four-year lows as rising global shipments and higher arrivals at Chinese ports pointed to ample supply. Industry data showed that global iron ore shipments increased by 3.89 million tons week-on-week to 34.77 million tons in the week ending October 18. Shipments from Australia and Brazil also rose by a combined 4.79 million tons to 29.82 million tons. Meanwhile, iron ore arrivals at 47 Chinese ports climbed by 2.73 million tons to 28.35 million tons over the same period. Adding to the bearish outlook, the World Steel Association revised its 2026 forecast, projecting a 0.1% decline in global steel demand, reversing its earlier estimate of 0.3% growth made in April. Steel consumption continued to face pressure from China’s prolonged property downturn and sluggish construction activity, although exports offered some support.
2026-10-20
Iron Ore Rises as Steel Output Rebounds
Iron ore futures climbed above CNY 680 per ton, recovering from four-year lows amid stronger crude steel production and better-than-expected economic growth in China. Official data showed that China’s daily crude steel output increased 1.9% month over month to 2.45 million tons in September, marking the first monthly rise since June, supported by robust exports and expectations of stronger seasonal domestic demand. Meanwhile, China’s economy grew 4.5% year over year in the third quarter, accelerating from 4.3% in the previous quarter and exceeding forecasts of 4.4%. However, underlying market conditions continued to weigh on iron ore, with ample global supplies, expanding mining capacity, and rising shipments expected in the fourth quarter. Sentiment was further dampened by the World Steel Association’s forecast of a 0.1% contraction in global steel demand in 2026, reversing its April projection of 0.3% growth.
2026-10-19