Iron ore prices tumble to two-year low amid weak Chinese demand and rising supply

For the third consecutive session, iron ore prices declined, hitting a two-year trough. The Dalian Commodity Exchange’s leading contract fell 0.82% to 669 yuan a tonne, the lowest since September 2024, and Singapore’s November futures slipped 0.66% to US$89.85. Market analysts pointed to persistent weakness in downstream steel demand during the peak season and the anticipated increase in supply from Guinea’s Simandou project.

Lower freight costs were also noted as a downside risk. Despite the price drop, China’s iron ore imports rose 4.1% in the first nine months of 2026, keeping the year on pace for a record volume. Related steel-making inputs, such as coking coal and coke, also fell, and steel benchmarks on the Shanghai Futures Exchange weakened across the board.