MS-Global Basic Materials Iron Ore Chartbook–November 2025-20251210

Benchmark iron ore price decreased 0.6% Y/Y but increased 3.4% M/M to $105.5/tas of December 9 th , 2025. The 1% iron ore premium of $1.75/t was flat Y/Y but up2.9% M/M. The 65% Fe price traded at a premium of 11.4% vs. the 62% Febenchmark, while the 58% Fe price traded at a discount of 11.3%.

Global steel production totaled 143.3Mt in October, down 5.9% Y/Y but up 0.8%M/M. Chinese output decreased 12.1% Y/Y and 2.0% M/M to 72.0Mt (50% of globaloutput). Production in the European Union was down 3.5% Y/Y to 10.8Mt. SouthKorea output amounted to 5.1Mt, down 5.8% Y/Y. Japan production decreased 1.0%Y/Y to 6.9Mt. Brazilian production stood at 3.0Mt, down 2.7% Y/Y.