Iron Ore Slips on Signs of Robust Supply
Iron ore futures fell below CNY 680 per ton, sliding back toward four-year lows as rising global shipments and higher arrivals at Chinese ports pointed to ample supply. Industry data showed that global iron ore shipments increased by 3.89 million tons week-on-week to 34.77 million tons in the week ending October 18. Shipments from Australia ...
Iron ore futures tumbled below CNY 680 per ton, descending towards four-year lows as global shipments expanded and Chinese port arrivals increased, signaling abundant supply. Recent industry data revealed a 3.89 million ton surge in global iron ore exports to 34.77 million tons during the week ending October 18. Shipments originating from Australia and Brazil also rose by 4.79 million tons, totaling 29.82 million tons.
Simultaneously, iron ore deliveries to 47 Chinese ports surged by 2.73 million tons, reaching 28.35 million tons over the same timeframe. The bearish sentiment was further exacerbated by the World Steel Association's revised 2026 projection, which now anticipates a 0.1% decline in global steel demand, a shift from its April estimate of a 0.3% increase.
Steel consumption remains constrained by China's ongoing property market slump and sluggish construction activities, although exports have provided some relief.
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