Iron ore slides as Simandou supply hopes and muted port demand hit prices
Iron ore futures fell on Dalian and Singapore as slow port trade and expected Simandou output growth weighed, according to Reuters reporting.
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what happened
Iron ore futures moved lower on Thursday, pressured by listless spot activity at ports and a pickup in output from Guinea's Simandou mine. The January contract on the Dalian Commodity Exchange (DCE), the most traded, was down 1.25% at 673.5 yuan ($100.97) per metric ton as of 0303 GMT. The December contract on the Singapore Exchange slipped 1.36% to $90.95 a ton.
Reuters reported that port purchases stalled once restocking wrapped up, leaving prices soft and choppy, according to Yongan Futures analysts. Everbright Futures said Simandou's ramp-up points to more supply over the medium term, while Shanghai Metals Market noted few mill inquiries. Mysteel data showed China's steel exports fell 38.6% week on week to 1.78 million tons in the week to November 9.
why it matters
Two forces weigh here: weak spot demand at ports and expectations that new Simandou capacity will add ore to the market. Per GF Futures, environmental curbs in northern China and a seasonally slack supply-demand balance may cap any rebound. Coking coal and coke also declined on the DCE, a sign that the wider steelmaking chain is soft.
market impact
Iron ore: more Simandou supply and weak port demand press prices lower
- Iron ore pressure down — expectations of more Simandou supply and sluggish port trade pressure prices
tags
instruments
sources
- Iron ore dips as sluggish port trade, rising supply expectations weigh — Reuters, 12 November 2026 at 03:43 UTC
- Iron ore dips to two-week low as sluggish port trade, rising supply expectations weigh — Reuters, 12 November 2026 at 07:10 UTC
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