Iron ore futures fell toward CNY 680 per ton on Wednesday, hitting a one-week low as expectations of production curbs across key steelmaking hubs in China’s Hebei province dampened demand prospects. Major steel centers, including Tangshan and Handan, have entered the autumn–winter air pollution control period, during which adverse weather has periodically disrupted sintering operations and reduced blast furnace utilization rates. Market participants increasingly anticipate broader output restrictions across Hebei, which could further constrain steel production. Industry data also showed that average hot metal output among Chinese steelmakers—a key gauge of iron ore demand—continued to decline. At the same time, global iron ore shipments fell by 5.57 million tons to 29.91 million tons in the week ending November 8, with combined exports from Australia and Brazil dropping by 3.84 million tons to 24.06 million tons.