Iron ore prices consolidate amid conflicting pressures. May benchmark on Singapore Exchange fell 0.18% to $107.1 per ton, though it remains above the $100 psychological level for over six weeks. The Iran conflict is raising freight and input costs, providing support to prices. However, anticipated supply increases are capping gains. BHP Group's third-quarter output beat expectations and resolved supply disputes with China, signaling more potential shipments. Rio Tinto maintains its 2026 Pilbara forecast at 323 to 338 million tons despite Middle East supply chain risks. Steel products gained ground, with rebar up 0.35%, hot-rolled coil advancing 0.68%, and wire rod rising 0.61% on Shanghai Futures Exchange. Investors are balancing geopolitical cost pressures against growing commodity supply in the steelmaking sector.
