Iron ore futures slipped below CNY 790 per ton, marking a four-week low, as shipments from major suppliers rose sharply and a two-week ceasefire in the Middle East eased concerns over potential supply disruptions. Industry data showed that exports of the key steelmaking raw material from Australia and Brazil jumped more than 30% week-on-week to 24.48 million tons as of April 7, following the easing of weather-related interruptions.
On the demand side, analysts warned that Chinese appetite for iron ore is likely to weaken this year amid slowing steel consumption, pointing to the prolonged crisis in the country’s property sector. At the same time, growing anti-dumping measures and other trade barriers are clouding the outlook for China’s steel exports.
In the geopolitical backdrop, the US, Iran, and Israel agreed to a two-week ceasefire to facilitate negotiations toward a possible agreement to end the war.