Iron Ore Steadies Declining Global Shipments

Iron ore futures steadied above CNY 680 per ton on Tuesday, remaining near four-week highs as global shipments and arrivals at Chinese ports recorded significant declines. Industry data showed that global iron ore shipments dropped by 5.57 million tons to 29.91 million tons in the week ending November 8. Shipments from Australia and Brazil also fell by 3.84 million tons to 24.06 million tons. Meanwhile, arrivals at major Chinese ports declined by 2.5 million tons over the same period to 27.64 million tons. Official figures also revealed that China’s iron ore imports fell 3.8% month-on-month in October, reaching their lowest level in five months. Additionally, demand expectations for the key steelmaking raw material remained subdued due to production curbs in northern China driven by environmental concerns. Industry data further indicated that average hot metal output among Chinese steelmakers, a key gauge of iron ore demand, continued to trend lower.