MMI Daily Iron Ore Index Report 30 October 2025

The iron ore futures contract rose steadily this morning, but fell slightly in the afternoon. The most traded contract I2601 finally closed at 802.5 yuan, up 0.38% from the previous business day. Spot cargo prices at ports were essentially flat compared with the previous working day, with PB fines in Shandong transacted at 800-805 yuan, essentially unchanged from yesterday’s levels, and in Hebei at 810-815 yuan/mt, up 0-5 yuan/mt from yesterday. Trading activity in the market is currently moderate, with most traders selling at market prices. Steel mills are purchased as needed, and demand is limited. The meeting between the heads of state of China and the US improved market sentiment, pushing futures prices higher in the morning session. However, due to the absence of further confirmation of this news during the day, some buyers chose to take profit, causing a slight price decline. Overall, as details of the meeting are released gradually, macro expectations remain relatively optimistic, providing support to iron ore prices. However, the continuous rise in raw material prices has significantly reduced the profits of steel mills recently, with losses growing at some mills, thereby increasing the possibility of inadvertent production cuts, which in turn will limit the room for increases in ore prices. Overall, iron ore prices are expected to remain stable in the short term, but the rate of increase is likely to taper gradually.

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Source: Metals Market Index (MMI)