FX.co ★ Iron Ore Slides Toward Four-Year Low

Iron ore futures fell to around CNY 670 per ton, nearing their lowest level since October 2022, as rising supply and weakening demand continued to pressure the market. Industry data showed that iron ore inventories at major Chinese ports rose for another week, with Brazilian shipments adding to stockpiles for the fourth consecutive week. Demand prospects were further undermined by expected production curbs across key steelmaking hubs in China’s Hebei province. Major steel-producing cities, including Tangshan and Handan, have entered the autumn–winter air pollution control period, during which unfavorable weather conditions have intermittently disrupted sintering operations and blast furnace utilization. At the same time, industry figures indicated that average hot metal output among Chinese steelmakers—a key indicator of iron ore demand—has continued to decline, exerting additional downward pressure on prices.