Iron ore ends 2025 in one of the most finely balanced markets we’ve seen in years

Iron ore ends 2025 in one of the most finely balanced markets we’ve seen in years.

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High Chinese inventories, strong seaborne inflows, and weather-sensitive supply are all converging — and the pricing band around US$105/t is holding firm.

‍We released the DBX Global Iron Ore Fundamentals – December 2025 update:
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A few standout insights from this month’s data:

• China imported a record 117.4 Mt in November (+10% YoY) — yet steel demand remains weak, pushing port stocks to 150 Mt, well above the 5-year norm.
• Australia softened to 76.7 Mt as maintenance and tighter shipping windows kicked in, but volumes remain resilient heading into cyclone season.
• Brazil held strong at 36.3 Mt, with the Northern System again acting as the stabilising backbone despite early wet-season constraints.
• Simandou recorded its first rail-linked ore movements, a structural shift that will matter for the high-grade market in 2026 and beyond.
• Despite the noise, prices remain anchored: fundamentals, not speculation, continue to set the tone.

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At DBX, we use satellite intelligence, AI-driven flow monitoring, and real-time analytics to track iron ore fundamentals with unmatched precision. This report is designed for traders, analysts, steelmakers, and investors who need a clean signal in a
noisy macro environment.

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Real-time commodity intelligence.
Sharper decisions.
Stronger edge.

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