Iron Ore Futures Hit Lowest Level Since 2024

Iron ore futures on the Singapore Exchange dropped to $89.75 a ton on October 15, 2026, marking the lowest price for the steelmaking ingredient since September 2024. Prices have declined approximately 15% this year, reflecting a broader trend of weakness across the Dalian Commodity Exchange and the Shanghai Futures Exchange.

Chaos Ternary Futures Co. attributes the decline to a prolonged property slump and weak construction activity in China, which led to the lowest crude steel output for the first eight months of a year since 2018. This drop in demand coincides with a rise in global supply, specifically from new sources like the Simandou mine in Guinea.

Analysts from Chaos Ternary Futures Co. expect prices to remain range-bound with a downside bias in the short term. They note that because steel mills continue to struggle with profitability, there remains room for further cuts to hot metal production.