Iron ore extends fall below CNY 720 per ton

Iron ore futures fell below CNY 720 per ton and extended losses for a third straight session as weakening steel margins in China darkened the demand outlook for the key steelmaking ingredient. Industry data showed only around 8% of Chinese mills were still profitable, down on both a weekly and annual basis from roughly 30% and 60%, respectively. That was the lowest level since September 2024, with persistently elevated coke prices continuing to squeeze profitability. China Mineral Resources Group has reportedly advised some steelmakers to avoid buying Rio Tinto Group’s Pilbara Blend ore.

5 billion to transport iron ore starting in 2030.