REAL-TIME GLOBAL RESEARCH
Iron Ore Chartbook – September 2026
Key takeaways
- Benchmark iron ore price decreased 12.6% Y/Y and 4.9% M/M to $90.3/t as of
- The 1% iron ore premium of $1.55/t decreased 11.4% Y/Y and 6.1% M/M.
- The 65% Fe price traded at a premium of 16.6% vs.
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Research evidence excerpt
Benchmark iron ore price decreased 12.6% Y/Y and 4.9% M/M to $90.3/t as of
Morgan Stanley & Co. LLC
October 14th, 2026. The 1% iron ore premium of $1.55/t decreased 11.4% Y/Y and 6.1% M/M. The 65% Fe price traded at a premium of 16.6% vs. the IODEX benchmark, while the 58% Fe price traded at a discount of 11.4%.
Morgan Stanley C.T.V.M. S.A.+
Global steel production totaled 144.2Mt in August, down 1.2% Y/Y and 3.1% M/M.
Chinese output decreased 3.7% Y/Y and 3.0% M/M to 74.6Mt (52% of global output). Production in the European Union was down 1.0% Y/Y to 8.9Mt. South Korea output amounted to 5.4Mt, up 2.6% Y/Y. Japan production was flat Y/Y at 6.7Mt. Brazilian production stood at 2.7Mt, down 6.2% Y/Y.
China's iron ore port inventories increased 1.7% M/M and 23.5% Y/Y to 173Mt on October 9th. This level represents 50 days of consumption, 15 days above the historical average.
Chinese steel mills' iron ore inventories as of October 7th stood at 18.7Kt for domestic ore, up 41.8% M/M and 44.6% Y/Y. Inventories of imported iron ore
Recent Metals & Mining Reports
amounted to 201Kt, down 6.1% M/M and 19.2% Y/Y, representing 21 days of
Steel: Views From the Trenches #30: Tight
consumption, 4 days below the historical average.
Supply Today, Import Relief Ahead (12 Oct 2026) Iron ore output at a sample of 186 Chinese miners was flat M/M but decreased
Latin America Steel: Post-Election Bull Case
5.1% Y/Y to 444ktpd, below the historical average of 458ktpd, according to a survey Favors Steel Equities in Brazil; 3Q26 Preview: conducted on October 8th. Utilization rate of 56.8% was below the historical average
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