Iron ore prices fell for the third consecutive week, reaching 753.5 yuan per ton.
The global iron ore market recorded its sharpest weekly decline in a year due to pressure from high port inventories and expectations of abundant supply from mining companies.
Global iron ore prices continued their downward trend on April 10, 2026, marking the third consecutive week of declines. On the Dalian Commodity Exchange, iron ore prices recorded their sharpest weekly drop in a year due to pressure from persistently high port inventories and the prospect of increased supply.
Price fluctuations on commodity exchanges
At the close of trading, the most actively traded iron ore contract on the Dalian Commodity Exchange (China) fell 0.33% to 753.5 yuan per ton. For the week as a whole, the commodity lost 5.9% of its value, the sharpest decline in the market in the past year.
Similarly, on the Singapore exchange, iron ore prices remained at $103.7 per ton. This week, iron ore prices in Singapore are expected to fall by 1.7%, the sharpest decline in the past two months. This synchronized decline across exchanges reflects investor caution regarding new developments in supply.
| Market | Current price | Weekly fluctuations |
|---|---|---|
| Dalian Stock Exchange (China) | 753.5 CNY/ton | -5.9% |
| Singapore Exchange | 103.7 USD/ton | -1.7% |
Supply pressure and supply negotiations
One of the main factors putting pressure on iron ore prices is the expectation of increased supply in the spot market. Notably, contract negotiations between the Chinese state-owned iron ore buyer and mining giant BHP are making some progress. On April 9th, BHP's incoming CEO met directly with Chinalco leaders in Beijing.
In addition, market data shows that inventories at Chinese ports remain near record levels. Although the average daily output of hot metal — a key indicator of iron ore demand — has increased for the fourth consecutive week, the growth rate is showing signs of slowing significantly.
The macroeconomic context in China
On a macroeconomic level, China's factory gate prices in March 2026 saw a rebound after more than three consecutive years of decline. However, analysts from Bloomberg believe that the increase in inflation is primarily due to escalating input costs, rather than strong actual consumer demand. This could create challenges in managing economic policy in the coming period.
Meanwhile, other steelmaking raw materials such as coking coal and coke also recorded sharp declines. Steel prices on the Shanghai exchange showed mixed performance: some finished steel products saw slight decreases, while stainless steel maintained a slight upward trend.
