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Iron ore futures fell as weak steel demand and rising inventories at Chinese ports weighed on sentiment. Dalian’s January contract dropped 1.51% to 784.5 yuan ($110.18/tonne), while Singapore’s benchmark eased to $105.25/tonne.
Steel mills slowed restocking ahead of the Oct 1–8 National Day holidays, while inventories rose to 132.5 million tonnes, up 0.29% week-on-week, according to SteelHome. With high arrivals and elevated molten iron output, inventories are likely to build further.
Blast furnace utilisation at 90.86%, its third consecutive weekly rise, showing steel supply remains high despite weak margins. Meanwhile, other steelmaking inputs—coking coal (-4.03%) and coke (-3.75%)—also declined, alongside losses in rebar, hot-rolled coil, wire rod, and stainless steel.
Analysts caution that continued weak demand may squeeze margins further and lead to production cuts, pressuring iron ore prices in the near term.
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