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Energy prices are soaring and freight rates are rising, while iron ore prices continue to climb.

Category: Blog

Time:2026-03-10

Market data on March 10 showed that iron ore futures traded at their highest level of the month on March 9, with soaring energy prices and freight rates—driven by the Iran conflict—propelling the Dalian Commodity Exchange’s iron ore contract higher for the sixth consecutive trading session. As of 10:47 a.m. Beijing time, the most actively traded May iron ore contract on the Dalian Commodity Exchange rose 3%, closing at 790 RMB per ton (US$114.19). Meanwhile, the April iron ore benchmark contract on the Singapore Exchange gained 2.13%, reaching US$103.75 per ton. On March 9, oil prices surged by roughly 20% as escalating U.S.–Israeli tensions with Iran prompted several major Middle Eastern oil producers to cut back on supply. Concerns about a prolonged disruption to shipping through the strategic Strait of Hormuz also fueled the price rally.

　　Market data on March 10 showed that iron ore futures trading reached a monthly high on March 9, with soaring energy prices and freight rates amid the Iran conflict driving the Dalian Commodity Exchange’s iron ore contract higher for the sixth consecutive trading session.

　　As of 10:47 a.m. Beijing time, the most active May iron ore contract on the Dalian Commodity Exchange rose 3%, trading at 790 yuan per ton (US$114.19). The April iron ore benchmark contract on the Singapore Exchange gained 2.13%, reaching US$103.75 per ton.

　　On March 9, oil prices surged by about 20% as escalating U.S.–Israeli tensions with Iran led several major Middle Eastern oil producers to cut back on supply. Concerns about a prolonged disruption to shipping through the strategic Strait of Hormuz also fueled the price movement.

　　Attila Widnér, Managing Director of Singaporean commodities firm Navigate Commodities, stated: “The surge in energy costs will drive up expenses related to marine fuel, insurance premiums, and war risk surcharges.” However, he added that in the medium to long term, the risk is increasing that central banks will raise interest rates again to curb inflation, which will weigh on the outlook for iron ore and steel.

　　The Strait of Hormuz is also the primary channel for China’s steel exports to the Gulf region, which has become China’s second-largest export market. With trade barriers being erected in other countries, it is expected to account for roughly 16% of China’s steel exports by 2025.

　　According to a report by Everbright Futures, Iran is the world’s tenth-largest steel producer. The blockage of shipping lanes also means that Iran is unable to sustain its production, as it imports coking coal and exports steel products.

　　According to data from SteelHome, as of the week ending March 6, iron ore inventories at China’s major ports increased by 0.67%. SteelHome data also show that, as of March 6, spot prices for seaborne iron ore rose by 1.51%, reaching US$100.60 per ton.

　　Other steelmaking raw materials at the Dalian Commodity Exchange saw substantial gains, with coking coal and coke rising by 7.99% and 7.19%, respectively.

　　Most steel products on the Shanghai Futures Exchange closed higher. Rebar rose 1.88%, hot‑rolled coil increased by 1.99%, and stainless steel gained 1.92%. Wire rod edged down slightly by 0.11%.

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