2026.05.1407:20:03UTC+00Iron Ore Retreats on Weak Steel Demand

Iron ore futures fell below CNY 815 per ton, retreating from their highest levels in nearly two years as the seasonal slowdown in steel demand weighed on feedstock prices. In China, domestic steel consumption remained under pressure due to weak construction activity and broader economic uncertainty, while demand for Chinese steel exports also softened as overseas buyers showed little appetite for purchasing at elevated prices. On the supply side, industry data showed that iron ore inventories at Chinese ports reached roughly 167 million tons in March, up 14.2% from a year earlier and holding near record highs. At the same time, the large-scale Simandou iron ore project reported record shipments of 1.2 million tons in April. Globally, iron ore shipments rose 7% in April 2026 compared with the same month a year earlier, adding further downward pressure on the market.