FX.co ★ Iron Ore Slides to 4-Year Low

Iron ore futures declined toward CNY 670 per ton, hitting new four-year lows as heightened blast furnace maintenance in China and ample global supply pressured prices. Industry data showed that projected hot metal output losses from blast furnace maintenance rose for a third straight week during October 10–16, with cumulative losses increasing by more than 270,000 tons since late September.

At the same time, iron ore inventories at seven major ports in Australia and Brazil grew by 1.99 million tons to 12.58 million tons in the week ended October 11. Global mining capacity is also expanding, and producers are ramping up fourth-quarter shipments to meet quarterly and annual delivery targets.

Sentiment was further undermined after the World Steel Association forecast a 0.1% contraction in global steel demand in 2026, reversing its April projection of 0.3% growth, amid weakening demand in China and disruptions related to the US–Iran conflict.