Iron ore diverges amid bad weather, restocking
Release Date:
2025-09-26
Seaborne iron ore prices showed a divergence between futures and spot markets on Tuesday, as typhoon disruptions weighed on downstream steel demand.
The Kallanish KORE 61% Fe index increased by $0.58/tonne to $103.72/dry metric tonne cfr Qingdao. The KORE 62% Fe index rebounded by $0.59/t to $105.48/dmt cfr. The daily spread between the KORE 61% and 62% Fe index stood at $1.77/t.
The KORE 65% Fe index gained by $0.34/t to $121.37/dmt cfr Qingdao, while the KORE 58% Fe index rose by $0.61/t to $92.38/dmt cfr.
On public platforms, two deals of 170,000t of PB Fines were booked at $103.7/t and $103.95/t with shipment before 12 November. Meanwhile, 90,000t of FB Fines were sold at a floating price with the shipment of 21-30 October.
On the Dalian Commodity Exchange (DCE), the most-traded, January 2026 iron ore contract settled CNY 9/t ($1.26/t) higher at CNY 803.5/t on Tuesday.
On the Singapore Exchange, the October 62% Fe futures inched lower by $0.69/t to $105.96/t, while the 65% Fe futures contract was down by $1.11/t to $120/t.
The same contract for 58% Fe futures, meanwhile, lost $0.7/t to $92.89/t.
The Tangshan billet price dropped by CNY 30/t to CNY 3,030/t.
Construction activity across South China has largely been suspended due to severe weather, dampening short-term steel consumption.
However, the downside for iron ore remained limited, with Chinese mills expected to conduct restocking ahead of the Mid-Autumn Festival and National Day holidays, which helped support trading activity in the seaborne and portside trading market.
From: Kallanish
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