The seaborne iron ore market has entered a lull. Prices are largely stagnant as traders and participants take a step back during the Lunar New Year holiday season, resulting in lower transaction volumes.

The Kallanish KORE 62% Fe index and KORE 65% Fe index each declined by $0.30/tonne to $104.22/dry metric tonne cfr Qingdao and $118.26/dmt cfr. The KORE 58% Fe index inched lower by $0.20/t to $91.08/dmt cfr.

On the Dalian Commodity Exchange (DCE), the most-traded, May 2025 iron ore contract rose by CNY 7/t ($0.96/t) to CNY 809/t.

On the Singapore Exchange, February 62% Fe futures settled $0.70/t lower at $104.23/t and 65% Fe futures dropped by $0.66/t to $118.03/t. The same contract for 58% Fe futures declined by $0.12/t to $91.88/t.

Tangshan billet gained CNY 10/t over the weekend and remained stable on Monday at CNY 3,090/t.

Market observers reported limited activity on Monday, with many industry players pausing their operations or holding off on deals. The slowdown is attributed to the Chinese New Year holiday starting on 28 January, as participants take time away from the market, creating a quieter trading environment.

However, some caution that the lack of significant trade could lead to uncertainty once the market resumes full operations.