Last week, the raw material market fluctuated slightly. Iron ore prices rose volatilely; the coking coal market remained generally stable; coking coal prices were stable with slight declines; and prices of various ferroalloys were stable with slight increases. The price changes of major commodities during this period are as follows:
Iron Ore Prices Fluctuated Upwards
Last week, imported iron ore prices rose initially and then fell, showing an overall upward trend. Inventories at major ports continued to rise, and the overall oversupply situation remained unchanged, with transaction volumes remaining relatively low. Steel mills maintained low inventory levels, and although a few mills replenished their stocks, the overall replenishment volume was not significant. Currently, the cost of resources delivered to traders is relatively high, and with the increase in storage fees at major ports starting January 1, 2026, traders are temporarily unwilling to sell at low prices. However, iron ore prices also lack upward momentum, and it is expected that imported iron ore prices will rise initially and then fall in the near term.
Domestic Metallurgical Coke Prices Remained Stable
Last week, domestic metallurgical coke prices remained generally stable. Metallurgical coke supply decreased while demand increased. The capacity utilization rate of 200 independent coking plants decreased slightly by 0.05%. Steel mill blast furnace operating rates increased by 0.39%, and daily average pig iron output increased by 15,500 tons, leading to a slight increase in metallurgical coke demand. Total coke inventory across the industry chain decreased slightly by 2,000 tons, while the number of days of inventory available at steel mills remained unchanged. Metallurgical coke futures performed flat, with intensified market competition. Some steel mills intend to push for a fifth round of price reductions for metallurgical coke, but coking plants are generally operating at a loss. Coupled with the possibility of a rebound in coking coal prices after mid-January 2026, coking plants are extremely reluctant to accept price reductions. The metallurgical coke market is expected to remain stable to slightly weak in the near term.
Domestic coking coal market prices remained stable with slight declines.
Last week, domestic coking coal market prices remained stable with slight declines. Online auction prices mostly fell, with a weekly comprehensive transaction rate of 66.9%. Prices of lean coal and semi-lean coal in Changzhi, Shanxi, fell by 50 yuan/ton. The fourth round of metallurgical coke price reductions were implemented, reducing coking plant profits, and there are still expectations of further price reductions for coking coal. Coking coal supply in January 2026 may increase compared to December 2025. Coking coal prices are expected to remain stable with a slight downward trend in the near term, while online auction prices are showing mixed movements.
Ferroalloy prices remained stable with a slight upward trend.
Last week, ferroalloy prices remained stable with a slight upward trend. Ferrosilicon prices rose slightly, with moderate market transactions. The output of sample production enterprises in the five major producing regions increased by 0.03 million tons in the fifth week of December 2025 compared to the previous period. The price of raw material semi-coke remained stable. Currently, some ferroosilicon producers have delivery dates in late January 2026, and overall quotations are relatively high. The ferroosilicon market is expected to remain stable with a slight upward trend in the near term. Port manganese ore spot prices remained stable with a slight upward trend; chemical coke prices remained stable, and most ferrosilicon and manganese enterprises are still operating at a loss. Recent increases in ferrosilicon and manganese futures prices have boosted market confidence, but some ferrosilicon and manganese manufacturers reported that current transaction follow-up is somewhat slow, and retail market activity is low. The ferrosilicon and manganese market is expected to remain stable with a slight upward trend in the near term.
High-carbon ferrochrome prices remained generally stable. Prices of raw materials chromium ore and chemical coke remained stable, with a strong wait-and-see attitude in the market. Overall market transactions have weakened recently, with most manufacturers focusing on fulfilling long-term contracts. Spot retail resources are scarce, and the market's trading and investment atmosphere is generally weak. The high-carbon ferrochrome market is expected to continue its stable operation in the near term.
Market transactions are sluggish. Some steel mills have reduced production or undergone maintenance, resulting in poor demand for vanadium alloys. Currently, a new round of steel mills is entering the market for procurement, with price differences in vanadium-nitrogen alloy bidding among different mills, while ferrovanadium bidding prices have not fluctuated significantly. The vanadium alloy market is expected to operate with slight fluctuations in the near term. Several steel mills have entered the market to purchase ferromolybdenum, releasing demand and boosting market confidence. On the raw material side, the price of molybdenum concentrate has risen sharply, increasing the production cost of ferromolybdenum. Ferromolybdenum prices are expected to continue to rise in the near term.
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