BEIJING: Iron ore prices were little changed on Monday, as lingering pre-holiday restocking among steelmakers in top consumer China and falling inventories offset higher shipments from major supplier Australia and weak steel margins.
The most-traded iron ore contract on China’s Dalian Commodity Exchange (DCE) closed daytime trade flat at 786 yuan (USD115.12) a metric ton.
The benchmark May iron ore on the Singapore Exchange was 0.23percent higher at USD106.85 a ton as of 0701 GMT. Chinese steelmakers continued to replenish feedstocks, including iron ore, ahead of the May Day holiday break from May 1-5, lending some support to prices, said analysts.
Further underpinning the market was a decline in portside iron ore inventories at major Chinese ports, which fell for a third straight week. Stocks slid 1percent week-on-week to 163.12 million tons as of April 24, the lowest since February 27, data from consultancy Steelhome showed. However, gains were limited by higher supply and shrinking steel margins. Shipments of iron ore bound for China from top supplier Australia jumped 15.8percent week-on-week to 16.98 million tons as of April 26, data from consultancy Mysteel showed.
The sharp increase in Australian shipments followed BHP Group’s conclusion of sales contract negotiations with China’s state buyer of the key steelmaking ingredient, ending a months-long dispute that had unsettled the market. Meanwhile, Chinese steelmakers posted a combined loss of 3.34 billion yuan in the first quarter of 2026, versus year-ago profit of 7.51 billion yuan, official data showed on Monday.
Among other steelmaking ingredients, coking coal and coke advanced 1.19percent and 0.63percent, respectively. Steel benchmarks on the Shanghai Futures Exchange were mixed. Rebar and hot-rolled coil were flat, wire rod dipped 0.28 percent while stainless steel firmed 1.29percent.
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