FX.co ★ Iron Ore Falls to 13-Month Low

Iron ore futures fell toward CNY 720 per ton, their lowest level since June 2025, as deepening losses at Chinese steelmakers darkened the demand outlook for the key steelmaking raw material. Industry data indicated that average losses at mills in Tangshan have expanded to more than CNY 100 per ton and are expected to rise further, leaving the sector likely to remain under pressure next month.

Market participants also awaited signals from the Politburo meeting in Beijing, where policymakers are widely expected to avoid launching major new stimulus measures and instead prioritize the rollout and implementation of existing fiscal policies to shore up the slowing economy.

On the supply side, Australian data showed that Pilbara Ports in Western Australia, the world’s largest iron ore export hub, handled over 800 million tons of cargo in the 2025–2026 financial year, including about 759.4 million tons of iron ore shipments.