Iron ore prices exceeded $100 per ton
Iron ore futures in Singapore rose 1.1% to $100.10 per tonne, breaking the psychological mark of $100 for the first time since May.
Growth has continued for several weeks in a row after Beijing announced its intention to combat excessive competition and outdated production facilities in the steel industry, as well as possible increased support for the real estate sector, Bloomberg reports.
Rio Tinto, a major producer, also gave a positive signal to the market by announcing the launch of the first shipments from the Simandou field in Guinea in November 2025, earlier than expected.
At the same time, Citigroup analysts warn that the market is overheated, and the current price increase does not correspond to market fundamentals. As supply growth continues to outpace potential demand, this will result in further price reductions.
It should be noted that the increase in ore prices may have a positive impact on the export earnings of Ukrainian mining companies, but at the same time it raises concerns about the potential strengthening of competition from Africa in the medium and long term.
Iron ore is included in the list of key Ukrainian exports. In 2024, Ukraine exported 33.7 million tons of iron ore worth $2.8 billion. At the same time, up to a third of Ukraine's export revenue was provided by the MMK sector until 2022. In 2024, this share decreased to 19%.