Iron ore prices rose to 811.5 CNY/tonne due to new restrictions from China.
Iron ore prices on the Dalian Commodity Exchange rose for a third consecutive session as China expanded restrictions on BHP Group, raising concerns about the supply of raw materials for steelmaking.
On March 13, 2026, iron ore prices in China surged as new supply restrictions from mining giant BHP Group were implemented. This marked the third consecutive day of gains for this strategic steelmaking raw material, reflecting market concerns about supply stability.
Iron ore price movements on exchanges
On the Dalian Commodity Exchange, the May iron ore contract – the most actively traded contract – rose 2.33% to 811.5 yuan per ton. Notably, during the trading session, the price briefly touched 827 yuan per ton, its highest level in two months. Overall for the week, the contract gained a total of 6.26%.
Meanwhile, on the Singapore exchange, the benchmark iron ore price for April delivery recorded a slight decrease of 0.27%, to $107.55 per ton. However, despite the slight decline at the end of the week, the commodity maintained its weekly upward trend with a cumulative increase of 5.87% since the beginning of the week.
China tightens control over supplies from BHP.
The main reason for the price volatility stems from China's second extension of its ban on BHP's iron ore in two weeks. This is an escalation in the long-running supply contract dispute between Beijing and the world's third-largest iron ore supplier to the Chinese market.
Specifically, China Mineral Resources Group – the Chinese state-run iron ore procurement coordinator – announced that domestic steel mills and traders are prohibited from accepting deliveries of Newman fines currently stored at ports starting next week. Previously, restrictions only involved requiring traders to reduce purchases of new shipments including Newman fines, Newman lumps, and Mac fines.
Expectations for a recovery in steel production demand.
Besides supply factors, expectations of increased molten iron production in China are also supporting the price increase. In Hebei province, the country's largest steel-producing center, routine inspections and maintenance have been completed. Simultaneously, warmer weather conditions are facilitating the resumption of construction activities, boosting actual steel consumption demand.
The market for related steelmaking raw materials also saw gains. On the Dalian Commodity Exchange, coking coal prices rose 1.51% and coke prices increased 0.61%. On the Shanghai Futures Exchange, benchmark steel products such as rebar rose 0.58%, hot-rolled coil increased 0.52%, and wire rod increased 0.51%. Conversely, stainless steel prices saw a slight decrease of 0.46%.
