MYSTEEL: Supply-surplus pressure on iron ore prices to stay in 2026

Global iron ore supply is expected to grow at a faster pace this year, driven by increased production from major miners, while demand will see only modest growth in line with a slight increase in worldwide pig iron production, Mysteel predicts in its newly published annual report for the commodity. The widening supply surplus will continue to weigh on iron ore prices in the year ahead, it concludes.

Last year, the average price of seaborne 62% Australian iron ore fines was assessed by Mysteel at $102/dmt, 6.8% lower than the $109/dmt in 2024. The decline mainly reflected a persistent oversupply of the steelmaking material in the global market, the report said. On the supply side, global iron ore