Iron ore futures declined to approximately CNY 760 per ton, marking a five-month low, following reports of a second consecutive monthly decrease in China's iron ore imports in November due to dulled demand. Various steel mills have scaled back operations for equipment maintenance as profit margins tighten, reducing purchasing interest. In November, China imported 110.54 million metric tons of iron ore, a slight decrease from October's 111.3 million tons, yet higher than the 101.86 million tons brought in during the same month last year. Despite the month-on-month reduction, imports exceeded 100 million tons for the sixth month in a row, causing portside inventories to rise by 2.5% compared to the previous month, reaching 139.04 million tons. From the demand perspective, the average daily hot metal production fell by 1.7% from October to 2.36 million tons, as per industry data. Recently, the China Iron and Steel Association convened with key domestic miners and regulators to deliberate on strategies to bolster the nation’s iron ore production.