Iron ore prices slipped for a third straight session on Thursday to their lowest level in more than two years, weighed down by persistent concerns over weak demand in top consumer China and prospects of growing supply of the key steelmaking ingredient.
The most-traded iron ore contract on China’s Dalian Commodity Exchange (DCE) recouped some earlier losses to end daytime trade down 0.44% at 671.5 yuan ($100.36) a metric ton. It hit its lowest since September 24, 2024 at 667 yuan earlier in the session.
The benchmark November iron ore on the Singapore Exchange was down 0.66% at $89.85 a ton as of 0949 GMT, its weakest since September 24, 2024.
Downstream steel demand weakened in peak season while iron ore supply from the Simandou project in Guinea is expected to ramp up, analysts at broker Zhengxin Futures said in a note.
That, coupled with falling freight rates, implied potentially further downside room for futures ore prices, they added.
China’s iron ore imports in the first nine months of 2026 rose 4.1% from a year ago to total 954.97 million tons, keeping the annual imports this year on track for a record high.
A flurry of dip buying helped narrow price losses in the afternoon, said analysts.
Coking coal and coke, other steelmaking ingredients, slid 3.19% and 2.47%, respectively.
Steel benchmarks on the Shanghai Futures Exchange mostly weakened. Rebar dipped 0.16%, stainless steel dropped 2.33% and hot-rolled coil was little changed.
($1 = 6.6911 Chinese yuan)
(Reporting by Amy Lv and Lewis Jackson; Editing by Priyanka G)
