10.11.202606:59:15UTC+00Iron Ore Steadies Declining Global Shipments

Iron ore futures held above CNY 680 per ton on Tuesday, hovering near a four-week high as both global shipments and arrivals at Chinese ports registered sharp declines. Industry data showed that global iron ore shipments fell by 5.57 million tons to 29.91 million tons in the week ending November 8. Exports from Australia and Brazil, the two largest suppliers, also dropped by 3.84 million tons to 24.06 million tons.

Over the same period, arrivals at major Chinese ports decreased by 2.5 million tons to 27.64 million tons. Official data further indicated that China’s iron ore imports in October slipped 3.8% from the previous month, hitting a five-month low.

On the demand side, expectations for the key steelmaking ingredient remained muted, as production restrictions in northern China—imposed for environmental reasons—continued to weigh on steel output. Industry figures also showed that average hot metal production among Chinese steelmakers, a crucial indicator of iron ore demand, extended its downward trend.