China’s October iron ore imports hit five-month low; Vietnam construction steel prices hold steady
China’s October iron ore imports fell to their lowest level since May, while steel exports hit a six-month low. Steel and iron ore futures traded in a narrow range on November 10, and Vietnamese construction steel producers maintained their prices.
Data released by China’s General Administration of Customs on November 10 showed that iron ore imports totaled 105.66 million tonnes in October, down 3.8% from the previous month and 5.1% from a year earlier, the lowest level since May. Imports in the first 10 months totaled 1.06 billion tonnes, up 3.1% year on year. Steel exports fell 6.1% from the previous month to 9.85 million tonnes in October, a six-month low; exports in the first 10 months totaled 95.5 million tonnes, down 2.3% year on year.
At the November 10 close, December 2026 rebar futures on the Shanghai Futures Exchange fell 7 yuan to 3,044 yuan per tonne. December iron ore futures on the Dalian Commodity Exchange rose 1 yuan to 687 yuan per tonne. December iron ore futures on the Singapore Exchange fell $0.21 to $92.55 per tonne, as market prices moved within a narrow range.
Price movements in December 2026 rebar futures on the Shanghai Futures Exchange.（VietVance）
Mysteel data showed that global iron ore shipments fell by 5.57 million tonnes from the previous week to 29.91 million tonnes in the week ended November 8. Arrivals at 47 Chinese ports fell by 2.5 million tonnes to 27.64 million tonnes over the same period. Analysts at Galaxy Futures said short-term weather disruptions in Australia and Brazil supported prices but were unlikely to change the trend of ample supply.
Steelhome data showed that iron ore inventories at China’s major ports stood at 154.52 million tonnes on November 6, up 0.52% from the previous week. Galaxy Futures analysts said high inventories limited the scope for iron ore price gains. Mysteel data showed that about 9% of Chinese steelmakers were profitable in October, down from 11% in September.
Vietnamese construction steel producers maintained their quoted prices. Hòa Phát quoted CB240 steel at 14,920 Vietnamese dong per kilogram and D10 CB300 steel at 14,210 Vietnamese dong per kilogram.
Vietnamese steel prices as of November 11, 2026.（VietVance）
Source: VietVance
