China steel and coking coal prices decline amid market caution

Steel and raw material markets in China experienced downward trends in late October 2026. In the Dalian commodity exchange, coking coal prices fell by 3.7 percent to 1,427.5 yuan per ton, while metallurgical coke saw a 1.8 percent decrease to 1,937 yuan. Although iron ore contracts showed a marginal increase, reaching 675 yuan per ton, analysts suggest this is insufficient to signal a definitive trend reversal.

In the Shanghai futures market, prices for rebar and hot-rolled coil also faced pressure. Rebar contracts for January 2027 closed at 3,047 yuan per ton, and hot-rolled coil settled at 3,209 yuan per ton. Domestic steel indices for products including wire rod and medium plates also trended lower.

Market reports indicate that Chinese factories are currently purchasing based on immediate needs, reflecting continued caution within the sector. Physical iron ore prices at Chinese ports also saw average decreases of 3 to 5 yuan per ton, with trading activity reported at moderate levels.