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    • Iron Ore Prices Reach Highest Level Since October 2024

    By on May 12, 2026
    Iron Ore
    Iron Ore

    Beijing: Iron ore prices rose to their highest level since October 2024, supported by strong demand in China and sustained steel production, despite market concerns over rising global supplies in the coming months.

    Benchmark iron ore for steelmaking increased by up to 1.3 percent during trading in Singapore to reach $111.90 per tonne, extending gains for the sixth session out of the last seven, according to Bloomberg News.

    The rise came amid improved performance at Chinese steel mills, which represent the world’s largest consumers of iron ore. Consultancy firm Mysteel stated that approximately 60.2 percent of Chinese steel mills recorded profits, marking an increase of nine percentage points compared to the previous week.

    The blast furnace operating rate, regarded as a key indicator of iron ore consumption, remained stable at around 90 percent.

    Meanwhile, markets are monitoring increased supplies from major exporters Australia and Brazil, as the current quarter typically marks the peak shipping season to China, which could place pressure on prices during the coming period.

    Mysteel data showed that exports from Australia and Brazil rose for the second consecutive week through 3 May 2026, including a noticeable increase in shipments from Brazilian mining company Vale.

    Analysts indicated that the current upward momentum may face challenges from a seasonal slowdown in steel demand and weaker downstream industrial activity, factors that could limit additional price increases.

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