The seaborne iron ore market saw a decline on Wednesday, even as China's pig iron production increased in March. The Kallanish KORE 62% Fe index dropped by $0.75 to $99.14 per dry metric tonne cfr Qingdao, while the KORE 65% Fe index fell by $0.73 to $111.75 per dry metric tonne. The KORE 58% Fe index also declined by $0.78 to $86.10 per dry metric tonne.
On public platforms, 90,000 tonnes of Mac Fines were booked at $95.10 per tonne with a laycan of May 21-30, while JMBF Fines of the same volume were sold at a floating price with a laycan of May 16-25.
On the Dalian Commodity Exchange, the September 2025 iron ore contract dropped by CNY 2.5 per tonne to CNY 706.5 per tonne on Wednesday. Singapore Exchange iron ore futures also declined, with May 62% Fe futures down $0.52 to $98.19 per tonne, and 65% Fe futures down $0.47 to $111.02 per tonne. The 58% Fe futures fell $0.89 to $85.86 per tonne. Meanwhile, Tangshan billet prices slipped by CNY 20 to CNY 2,940 per tonne.
China’s crude steel production reached 92.84 million tonnes in March, marking a 4.6% year-on-year increase. Pig iron output rose 3.1% to 75.29 million tonnes, while finished steel production grew 8.3% to 134.42 million tonnes. First-quarter crude steel production stood at 259.33 million tonnes, up 0.6% year-on-year, with pig iron production at 216.28 million tonnes, a 0.8% rise, and finished steel production at 358.74 million tonnes, up 6.1% year-on-year.
Australian miner Rio Tinto reported that its Pilbara iron ore shipments for 2025 are likely to be at the lower end of its full-year guidance due to extreme weather disruptions in the first quarter. Despite the challenges, the company maintains its forecast of shipping 323-338 million tonnes of iron ore this year.
