Seaborne iron ore prices were almost unchanged on Monday as China's stimulus policy disappointment weakened its recent positive market impetus.

The Kallanish KORE 62% Fe index and KORE 65% Fe index rose by $0.07/tonne and $0.01/t, respectively, to $102.37/dry metric tonne cfr Qingdao and $117.04/dmt cfr. The KORE 58% Fe index, however, was $0.12/t lower to $89.7/dmt cfr.

On the Dalian Commodity Exchange (DCE), the most-traded January 2025 iron ore contract rose by CNY 7.5/t ($1.05/t) to CNY 766/t on Friday.

On the Singapore Exchange, November 62% Fe futures and 65% Fe futures settled $0.12/t and $0.06/t higher, respectively, at $101.8/t and $115.85/t. The same contract for 58% Fe futures was up $0.63/t to $89.08/t.

Meanwhile, 6mm+ heavy scrap delivered to mills in the Yangtze River Delta fell to CNY 2,482/t on Monday from CNY 2,483/t last Friday. Tangshan billet increased to CNY 3,100/t.

Trading sentiment in China's steel market has turned to wait-and-see, with participants’ expectations for demand growth subdued. Since the traditional demand peak season will soon end with the onset of winter, trading activity in the steel market may slow further, affecting steel mills' iron ore purchases.