Iron Ore Slips on Signs of Robust Supply

Iron ore futures fell below CNY 680 per ton, sliding back toward four-year lows as rising global shipments and higher arrivals at Chinese ports pointed to ample supply. Industry data showed that global iron ore shipments increased by 3.89 million tons week-on-week to 34.77 million tons in the week ending October 18. Shipments from Australia and Brazil also rose by a combined 4.79 million tons to 29.82 million tons. Meanwhile, iron ore arrivals at 47 Chinese ports climbed by 2.73 million tons to 28.35 million tons over the same period. Adding to the bearish outlook, the World Steel Association revised its 2026 forecast, projecting a 0.1% decline in global steel demand, reversing its earlier estimate of 0.3% growth made in April. Steel consumption continued to face pressure from China’s prolonged property downturn and sluggish construction activity, although exports offered some support.