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Iron Ore’s Quiet Retreat May Herald Return to Two figures

ADMIN || 5th February 2026

Iron ore is a rarity among metals as it’s lower year-to-date, and the steel-making staple’s recent, steady descent has brought a test of $100 a ton into view.

While the selloff has been neither dramatic nor swift, the retracement makes sense in the context of a softening seaborne market balance. Mills in main importer China are making less steel, while major miners in Australia and Brazil are firing on all cylinders.

In the coming days, there are a couple of data points to watch for that may guide prices slightly lower from here. First, Brazil is due to issue export data for January that may underline the nation’s extremely robust flows. Second, port stockpiles in China will likely expand to the highest since 2018, with a decent chance of hitting a record.

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