Iron ore futures fell to around CNY 685 per ton on Monday, retreating from four-week highs as environmental production curbs in China weakened demand prospects for the key steelmaking raw material. Authorities in northern China — including major steel hubs Tangshan and Handan in Hebei province — implemented emergency measures effective Monday in response to forecasts of severe air pollution.
Industry data showed that average hot metal output at Chinese steel mills, a key gauge of iron ore consumption, declined for a fourth consecutive week, slipping 0.5% from the previous week to 2.31 million tons as of November 5. At the same time, expectations of abundant global supply continued to pressure prices, with combined output from 16 major mining companies rising by about 22.98 million tons year-on-year over the first three quarters of 2026.