Core Insights - The iron ore market is experiencing slight price fluctuations, with current prices for major varieties around 800 CNY for 60.8% PB powder and 790-795 CNY for Mac powder [1] - The overall demand for steel in China is declining, which is expected to influence mid-term iron ore prices negatively [4] Price Summary - As of November 28, 2025, the main iron ore prices at various ports are as follows: - Jiangyin Port: 766 CNY for Indian powder ore, 825 CNY for Australian PB powder, 866 CNY for Brazilian coarse powder [1] - Caofeidian Port: 766 CNY for Indian powder ore, 813 CNY for Australian PB powder, 847 CNY for Brazilian coarse powder [1] - Tianjin Port: 722 CNY for Indian powder ore, 806 CNY for Australian PB powder, 851 CNY for Brazilian coarse powder [1] - Qingdao Port: 746 CNY for Indian powder ore, 799 CNY for Australian PB powder, 844 CNY for Brazilian coarse powder [1] - Rizhao Port: 746 CNY for Indian powder ore, 799 CNY for Australian PB powder, 844 CNY for Brazilian coarse powder [1] Futures Market - On November 28, the main iron ore futures contract closed at 794.0 CNY per ton, with a daily trading volume of 252,881 contracts [2] Inventory and Production Data - As of November 28, the inventory of imported iron ore at 47 ports increased by 1.06% to 159.01 million tons, the highest level in four years [3] - The profit margin for 247 steel mills decreased to 35.06%, the lowest since October of the previous year, down 16.89 percentage points year-on-year [3] - The average daily iron water output decreased by 16,000 tons to 234.68 million tons, while the average daily port discharge volume increased to 3.44 million tons, the highest since October [3] Market Analysis - According to a report from Galaxy Futures, the current decline in domestic steel demand is expected to dominate the mid-term iron ore prices, with a continued increase in domestic iron element inventory [4]