Seaborne iron ore prices remained more or less stable on Friday, as tightening port inventories provided upward support to the market.

The Kallanish KORE 62% Fe index and KORE 65% Fe index declined by $0.08/tonne and $0.12/t, respectively, to $108.28/dry metric tonne cfr Qingdao and $121.74/dmt cfr. The KORE 58% Fe index, meanwhile, dropped $0.03/t to $95.19/dmt cfr.

On the Dalian Commodity Exchange (DCE), however, the most-traded, May 2025 iron ore contract extended gains by CNY 13/t ($1.79/t) to CNY 839/t on Friday.

On the Singapore Exchange, March 62% Fe futures settled $0.19/t lower at $108.49/t and 65% Fe futures retreated by $0.30/t to $121.57/t. The same contract for 58% Fe futures, however, increased by $0.13/t to $95.80/t.

Meanwhile, 6mm+ heavy scrap delivered to mills in the Yangtze River Delta rose CNY 5/t to CNY 2,415/t. Tangshan billet was boosted by CNY 20/t to CNY 3,120/t on Friday.

The reduction in Australian shipments is expected to keep China's iron ore arrivals at relatively low levels in the coming weeks. As a result, port inventories are likely to decline further, reinforcing strong price fundamentals for iron ore.

Market analysts note that while demand from Chinese steel mills remains steady, the ongoing supply constraints could sustain firm prices in the coming weeks. However, external factors such as China's economic policies and global market fluctuations due to US tariffs may still influence future price trends.