Iron ore nears two-week high as steel mill output recovers
Iron ore futures in Dalian and Singapore reached their highest since October 19, supported by Chinese blast furnaces resuming operations after maintenance.
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what happened
Iron ore futures climbed to almost a two-week high on Thursday. Support came from rising hot metal output at Chinese steelmakers and higher freight rates, though production curbs in Hebei province tempered the gains.
According to Shanghai Metals Market, average daily hot metal output rose 0.16% to 2.36 million tons, while the blast furnace operating rate across 242 surveyed mills reached 87.3%. SMM analysts said buying remains largely need-based given supply and margin constraints.
Reuters reported that the most-traded January contract on the Dalian exchange rose 2.78% to 684.5 yuan a ton, while the December contract in Singapore gained 1.73% to $91.8 a ton.
why it matters
For raw materials markets, higher steel output and freight costs matter because they support demand for iron ore and coking coal. Environmental curbs in Hebei could still limit further gains if measures tighten on November 15, as GF Futures analysts warned.
market impact
Iron ore and coking coal: rising steel output supports demand and prices
- Iron ore pressure up — rising hot metal output and higher freight rates support prices
- Coking coal pressure up — growing steel production lifts demand for coking coal
tags
instruments
sources
- Iron ore climbs to near 2-week high as steel mill output recovers — Reuters, 29 October 2026 at 03:26 UTC
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