SINGAPORE: Iron ore futures prices slipped for a second consecutive session on Thursday, as mounting global supplies weighed on sentiment. The most-traded January iron ore contract on China’s Dalian Commodity Exchange (DCE) traded 0.88percent lower at 792.5 yuan (USD112.10) a metric ton, as of 0327 GMT. The benchmark January iron ore on the Singapore Exchange fell 0.19percent to USD104 a ton.
The first commercial shipment from the Simandou mine in Guinea is on its way to China, marking a shift in global supply, said analysts from ANZ, adding that the mine is set to become one of the world’s biggest iron ore mines.
India’s iron ore imports hit a six-year high this year, more than doubling to over 10 million tons in the first 10 months of 2025 year-on-year.
This was driven by steel mills turning to overseas cargoes to overcome shortages of high-grade ore and taking advantage of softer global prices for the steelmaking raw material.
Germany’s largest steelmaker, Thyssenkrupp Steel Europe, announced that it had agreed with the IG Metall union to cut or outsource 40 percent of its workforce and ease production capacity, reducing shipments to 8.7 million to 9 million tons, from 11.5 million at present.
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