Iron ore and steel prices in China saw an increase on November 2, 2026, in the first session of the month. Futures prices, port prices, and maritime indices were all rising simultaneously. The price of iron ore on the Dalian Commodity Exchange (DCE) reached 674.5 yuan per ton, indicating a 0.37 percent increase.
Increase in Port and Maritime Indices
Port indices for grades 61%, 58%, and 65% reached 653, 605, and 815 yuan per ton, respectively, each showing an increase of 3 yuan. Additionally, maritime indices for grades 61% and 65% reached 90.90 and 106.90 dollars per ton, respectively. This price increase indicates improved short-term price support.
Decrease in Imports into China and Its Impact on the Market
Iron ore imports into China decreased by 15.73% in the week ending October 30, which could reduce short-term input pressure. However, global shipping increased by 2.58%, which may lead to changes in imports. Two consecutive increases in the latest hot metal measurements support base consumption, but improved production does not mean inventory replenishment, and orders and profit margins determine the sustainability of purchases.
The short-term test is whether transactions can keep pace with stronger offers. Increased inventory and stronger orders could provide better price support, while purchases limited to immediate needs may restrict existing inventories and subsequent supplies. Rising transportation costs also increase the importance of supply costs. Given the current conditions, a cautious approach and a suitable range seem appropriate, and a single increase at the beginning of the month should not be seen as a reversal of a trend.
