Iron Ore Slides to 4-Year Low
Iron ore futures fell toward CNY 670 per ton, touching fresh four-year lows as increased blast furnace maintenance in China and abundant global supply weighed on prices. Industry data showed that projected hot metal production losses from blast furnace maintenance increased for a third consecutive week during October 10–16, with cumulative losses rising by more ...
Iron ore prices plunged to 4-year lows, falling as low as CNY 670 per ton due to increased maintenance at blast furnaces in China and an oversupply of global production. Industry statistics revealed that projected hot metal production losses from these maintenance efforts rose for the third week in a row during October 10–16, with cumulative losses surpassing 270,000 tons since late September.
Meanwhile, iron ore stockpiles at major ports in Australia and Brazil expanded by 1.99 million tons to 12.58 million tons in the week ending October 11. The expansion of global mining capacity, combined with producers' efforts to meet quarterly and annual targets, further contributed to the downward pressure on prices.
Adding to the gloom, the World Steel Association revised its outlook, now predicting a 0.1% drop in global steel demand for 2026, a significant reversal from its April forecast of 0.3% growth. This pessimistic forecast was based on weakening demand in China and disruptions stemming from the US-Iran conflict.
Written by urgent.news from Hellenic Shipping News's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
